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.
Twitter | Facebook | Instagram | YouTube – Exclusive content only on Patreon (250 Members Challenge!) 🎉
Read: Investing News
anyone holding through merger is down 70-90%. how can this highway robbery be legal?
Wall Street needs to pay for that 😡
Here it is friday 9/17 8pm est and GREE closes at 37.15. Another example of wall street Bullshxt All business aspects of this merger aside……long term investment aside. Many investors/traders/retailers lost money.and some, a lot of money. And not because of stupidity or market factors. It’s because of the wall street , “smart money” insider bullshxt criminal behavior that goes on every day in the market. That’s all there is too it.
Ya $236 per share average now I’m so lucky… what a rip off
Since my average is now $0 since the merger, if I buy more shares how will this affect my average? I’m not sure how this works.
I have to agree with those that are saying this is a total rip off. I’m down $2,000 on this merger and not happy about it.
Not happy about the losses either, lost close to $5k. I’m focusing on what is in my control though, and what’s in my control is holding this particular stock long term and watching it.
Perdi el 50% de mi capital invertido !!! Cuanto tengo que esperar para recuperar ??? Estafa total ,, no pude vender sprt en la fusion y decidieron por mi !!! Les haria juicio !
At $43 dollars, sprt equivalent is $4.60, people did not have access to shares until the mid $40s, it was trading in the premarket while people still didn’t have access to even the ticker, I like you frank but let’s call a spade a spade, this was not good, and giving inaccurate info by saying shareholders may have just multiple their base worth is ridiculous, it decreased it more than 50%
Hi Michael, I’m referring to the base price of the new stock (GREE), not in gains. SPRT is basically a long-term stock for those who believe in its new merger’s blockchain technology.
You see profit where I see right now (it’s all that count) complete RIP-OFF!!!
Math wise GREE closed @ $43.30 so SPRT shareholders are going to get 8.7:1 = $4.977 for a last closing @ 10.80…. 55% losses in 24 hours!!
Am l missing something here??
Not good. closed at $10.98 they gave us $0.115 cent for our shares. i see a loss of now $10.83 not good cost me $75k
They have to pay for this
Thank you for calming my nerves! When I opened my account and saw my sprt was “unavailable “, I began to panic. Upon googling why, I then learned that a Citadel exec was involved, I panicked even more thinking I may have been too trusting with your feeds. Again, I thank you for updating the sprt surprise and allaying my fears.
Shareholders were unable to trade when the conversion happened. I checked my broker account several times overnight and never actually saw the starting share price of GREE. Pre-market I saw it at $62.15 and at open saw $57.00 Imagine people were already down significantly in SPRT before the conversion which is exactly what happened to the people who held on to SPRT yesterday than after the conversion takes place you only have a portion of the share price you should have to work with/trade. With the close of SPRT yesterday at $10.98 consensus was that GREE share price should be around $95.00. There is to much unknown still after almost a full day of GREE trading. I personally emailed investor relations at GREE around 11:00am no word back yet, I was cordial while I expressed my positive sentiment about their company but word out on the street is bad, people are in fear and don’t understand. Everyone understood the share ratio like you said was around 8.7:1
Thx Frank. I’m eager to get more updates from you on this!
This was a total rip off unbelievable should be investigated something very fishy in this merger
That’s what I was thinking. But I think retail will have a better outcome in this investment by pivoting and taking a long term position instead.
“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.”
Wrong. $40 of GREE is the equivalent of $4.6 SPRT stock prior to merger – that’s 60% down right off the bat. Many retail traders lost 50 – 90% before they could sell (all while HFs were trading and price plummeting), and some STILL don’t have GREE shares assigned.
Basically saying “Hey, I know retail got hosed, but at least I think this is a good company [metrics and facts needed] and I’m investing… So should you!” just absolutely reeks.
Cut your losses brother! I’m not your financial advisor, but I do advise how I’m personally pivoting this play in efforts to help out anyone who’s in the same boat ✅.