It’s worth noting that over 30% of Support.com shares have agreed to go in favor of the transaction which we expect to close in the third quarter.
The pie chart on the right shows our pro forma ownership following the transaction.
After closing, Support.com shareholders will own 8% of the shares of Greenwich Generation Holdings Inc. As outlined in the merger agreement, 5% of the Greenidge shares are being paid in consideration for the Support.com businesses and the tax assets, with the remaining 3% being paid for the estimated $33M of cash on the Support.com balance sheet at closing.
As noted in our press release, Greenidge will have dual class share structure initially, that is designed to phase out over time and be fully phased out no more than 5 years from closing.
And again, I just want to reiterate, we foresee no changes to the day-to-day operations of Support.com following the merger.
Slide 23
On slide twenty-three, we show some further details behind the pie chart on the previous slide.
Slide 24
On slide twenty-four, I would like to conclude by reviewing with you the key points from our story and this transaction that I hope have resonated with you.
First, we currently have over $70M in pro forma liquidity and after closing, we’ll have a public stock that we believe will help fuel our future growth, beyond our current facility.
We’ve highlighted the competitive advantage we enjoy, from having a permanent, captive source of low-cost power.
We have a significant installed base of miners, hashing as we speak; with more miners on delivery to significantly grow that fleet and, in turn, grow our EBITDA.
We have an established and experienced in-house team of power generation and power management experts.
And lastly, we have spent the last two years refining our operating model and are ready to replicate that model at multiple sites, with plans to achieve at least 500MW of mining capacity by 2025.