Vulcan Infrastructure and Power (VIP) completed the redemption of all outstanding 8.50% Senior Notes due 2026, retiring $30,345,200 in principal.
The notes were redeemed at 100% of principal, plus approximately $523,000 of accrued and unpaid interest through October 12, 2026. Total payment was approximately $30.9 million. Preliminary unaudited cash and digital assets as of September 30, 2026 were $16.9 million after giving effect to the redemption and approximately $1.4 million of remaining expenses related to previously announced PIPE transactions.
Vulcan Infrastructure and Power (VIP) expects to redeem all outstanding 8.50% Senior Notes due 2026 on October 13, 2026. A redemption notice has been delivered. The remaining $30,345,200 principal will be redeemed at 100%, plus accrued interest; Vulcan expects payment of approximately $30.9 million.
On October 1, Vulcan exchanged $2,793,150 of 2026 Notes and accrued interest for $2,833,358 of 10.00% Senior Notes due 2030 and warrants for up to 1,000,000 Class A shares at $1.87 each. Preliminary unaudited September 30 cash and digital assets totaled approximately $49.2 million, including bitcoin valued at approximately $5.4 million. Vulcan expects approximately $16.9 million after redemption and approximately $1.4 million of remaining PIPE transaction expenses. That estimate excludes operating cash use, other expenses and bitcoin value changes after September 30.
Vulcan Infrastructure and Power (VIP) appointed Robert "Bob" Foley, Allan B. Rothschild and Jacky Wu as independent directors, in connection with the closing of a previously announced $39.4 million strategic investment completed on September 10, 2026.
The new directors add experience in commercial real estate, digital infrastructure, data centers, capital markets, finance, M&A and corporate governance. Foley brings roughly four decades of real estate and capital markets leadership, including senior roles at TPG Real Estate and Gramercy Capital. Rothschild contributes more than 30 years in real estate transactions, asset management and legal affairs. Wu adds over 20 years across digital infrastructure, telecom, finance and corporate development, including senior roles at DigitalBridge and American Tower.
Vulcan Infrastructure and Power (VIP) closed an approximately $39.4 million strategic investment led by affiliates of Machine Investment Group and Atlas Holdings, alongside Conversant Capital and insiders. Vulcan issued 17,146,190 Class A shares at $1.71 each and a $10.0 million senior secured convertible note to a Machine affiliate, plus a three-year warrant for 1,754,386 shares at $1.71. The note carries 10% annual payment-in-kind interest, a three-year maturity, and an initial conversion price of $2.1375, a 25% premium to the equity purchase price. Vulcan plans to use most proceeds to redeem approximately $33.1 million of 8.50% Senior Notes due October 2026, which is expected to remove its principal near-term debt maturity and increase financial flexibility while it pursues over 100 MW of immediate and near-term AI/HPC capacity and a 654 MW development pipeline.
Vulcan Infrastructure and Power (Nasdaq: VIP) has published a new investor presentation detailing its previously announced $39.4 million PIPE capital raise and strategic pivot to an AI/high-performance computing (AI/HPC) infrastructure platform. The presentation outlines Vulcan's asset base, development pipeline and capital structure plans, including a 654 MW combined pipeline at company-owned sites, with more than 100 MW of capacity expected to be available for AI/HPC opportunities within the next year. It also discusses the anticipated balance sheet benefits of the proposed PIPE and the planned redemption of Senior Notes due October 2026, as well as the expected capabilities of Vulcan and strategic investors Atlas Holdings, Machine Investment Group and Conversant Capital. The PIPE has not yet closed and remains subject to customary conditions.
Vulcan Infrastructure and Power (Nasdaq: VIP) reported second quarter 2026 revenue of $3.4 million, down $9.5 million from Q2 2025, and a net loss of $9.9 million. EBITDA loss was $8.5 million and adjusted EBITDA loss $6.7 million. Net cash used in operating activities was $4.3 million and adjusted free cash flow loss $2.7 million. As of June 30, 2026, Vulcan held $9.2 million in cash and digital assets.
For the first half of 2026, Vulcan generated $20.0 million of power and capacity revenue, a 70% increase year over year. The company highlighted a pending $39.4 million strategic investment and plans to use net proceeds to redeem approximately $33 million of 8.50% Senior Notes due October 2026, subject to closing. Pro forma for the PIPE and planned redemption, net debt would decline from $27.7 million to $1.3 million. Vulcan controls 104 MW of energized capacity and a 654 MW development pipeline, and has rebranded to reflect its transition to a power and digital infrastructure platform focused on AI/HPC data centers.
Vulcan Infrastructure and Power (NASDAQ:VIP) has completed its corporate name change from Greenidge Generation Holdings and will begin trading on Nasdaq under new ticker VIP on Friday, July 24, 2026, replacing “GREE.” No shareholder action is required and share counts are unchanged.
According to Vulcan, the new identity supports its shift to a power and digital infrastructure platform, backed by a recently announced $39.4 million strategic investment. The company has exited historical bitcoin mining operations and is focusing on energized sites for AI and high-performance computing, controlling 104 MW of existing capacity and a 654 MW development pipeline.