Support.com (SPRT), which provides cloud-based software and services, was up nearly 60% to $31.20. The reason why is Support.com announced in March that it planned a reverse merger with privately held Greenidge Generation Holdings, which bills itself as “the first 100% carbon-neutral Bitcoin transaction processor in the United States.”
With the ongoing adoption of digital currencies and the growing awareness of the negative environmental impact of cryptocurrency mining that relies on fossil fuels, Greenidge is positioning itself as a planet-friendly alternative.
Additionally, Wall Street has been betting heavily against Support.com. More than 67% of its float was sold short as of Aug. 13, according to Yahoo! Finance. That amounts to more than 25% of the company’s outstanding share count, making it the ideal candidate for a short squeeze. Further evidence that the bulls were in charge this week is that more than 95.7 million shares traded hands today, up nearly 11-fold compared to its average daily volume over the past three months.
Upon closing of the proposed transaction, Support.com will become a wholly owned subsidiary of Greenidge, the companies said.