Vulcan Infrastructure and Power, formerly Greenidge Generation Holdings, announced Monday that it agreed to raise about $39.4 million through a private investment in public equity transaction.
The company also changed its legal name as part of a planned shift from bitcoin mining toward AI/HPC infrastructure
Shares of GREE are up more than 24% over the past 5 days, per Yahoo Finance. The PIPE includes 17.15 million Class A shares priced at $1.71 each, matching the stock’s July 17 closing price. Investors include affiliates of Machine Investment Group, Atlas GREE Investment Holdco and Conversant PIF Aggregator, along with company executives and a board member.
Machine Investment Group’s $15 million commitment includes 2.92 million shares, a $10 million senior secured convertible note and a three-year warrant covering 1.75 million shares. According to the company’s Form 8-K, the note carries 10% annual interest that accrues into principal and matures three years after issuance. Vulcan intends to use the net proceeds to redeem about $33 million of its remaining 8.50% senior notes due in October 2026.