If you logged in to your broker account to see SPRT stock not showing up do not worry. SPRT is undergoing the merger transition with Greenridge, ticker symbol GREE.
The combined company will trade under GREE moving forward. Lets discuss what this will mean for SPRT shareholders.
Welcome to Franknez.com – SPRT stock has been declining but there’s great news on the horizon. If you’re still holding SPRT stock and are facing losses, chances are you can still profit from the merge.
Lets get started!
SPRT Merges With Greenidge
SPRT merged with Greenidge Generation Holdings, a Bitcoin mining company on Tuesday, September 14th. SPRT stock is supposed to be trading under ticker symbol GREE as of Wednesday, September 15th but I assume most people will see the activity change the next trading day.
According to Market Realist, investors won’t be able to access SPRT stock because current shareholders’ shares will convert to the new “GREE” stock symbol at the ratio agreed upon in the merger.
GREE stock is currently trading above $40 per share. The talk is this merge will either make or break SPRT stock.
Common stock shares of Support.com will be canceled and automatically converted, providing the right to receive 0.115 shares of the new Greenidge Class A common stock.
What Will Happen To My Money With SPRT During The Merge?
Your money will either be unchanged or you will see positive gains once the merge has been finalized. This will highly depend on how well this merge does in the markets.
SPRT last traded closer to $12 per share. GREE is trading in the mid $40s. GREE stock is up much higher which means SPRT shareholders may have just multiplied their base-worth.
How Many Shares Will I Have Of GREE Stock After The Merge?
According to SeekingAlpha, the conversion is 1 share of Greenidge for about 8.7 shares of SPRT stock. So although shareholders will have less shares after the merge is complete, there is still hope.
Here’s why I’m bullish on GREE stock.
With the price climbing to the mid $40s, it could put pressure on shorts to cover their positions. Granted, the short interest is still unavailable. However, the stock that was SPRT was still borrowed and must be repaid.
The second reason I’m bullish is because even if shorts have no incentive to cover, you are now investing in a blockchain company. Blockchain companies are going to be the future of security so investing in GREE could prove to be a great long term investment.
Greenidge is also working on a ton of amazing projects that are going to compound as they continue to improve the way our world runs with the latest technology.
My personal take is that if we squeeze shorts from their positions, great! Otherwise, I will be buying this blockchain stock and holding it strong as a long-term play.
Should You Sell Your GREE Stock?
I’m personally not selling this pot of gold. In fact, I’m buying. Visit Greenidge’s website to see what value they’re going to be bringing to our generation.
It’s companies like these that you want to catch early before they blow up a year, two, and even a decade later.
I’m going to be publishing a new article on GREE stock so be sure to subscribe to the newsletter to be notified when it’s out.
I’d love to know your thoughts on this merge. Will you be holding, will you be selling? Let me know you thoughts in the comment section below. Lets talk about it.
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