[SCHEDULE 13D/A] Greenidge Generation Holdings Inc. SEC Filing
Atlas Capital-led group now controls roughly one-quarter of Greenidge Generation Holdings Inc. (NASDAQ: GREE) on an as-converted basis. Amendment No. 2 to Schedule 13D discloses that eight related reporting persons – principally Atlas Capital Resources funds, their general partners and managing partners Andrew M. Bursky and Timothy J. Fazio – collectively beneficially own 3,774,711 Class A shares, or 24.2 % of the class, assuming the voluntary conversion of 2,680,030 Class B shares they also hold.
Key changes since the January 2025 amendment stem from an Equity Interest Payment Agreement under which the issuer satisfied two interest payments to Atlas with equity rather than cash: 90,954 Class A shares on 8 Apr 2025 (valued at $119,205) and 131,937 Class A shares on 2 Jul 2025 (valued at $162,322). These 222,891 newly issued shares increased Atlas’ stake by about 1.75 % of the 12,765,741 Class A shares outstanding as of 30 Jun 2025. Atlas funds ACR9 and ACR Parallel remain the largest individual vehicles, holding 16.8 % and 6.0 % respectively.
Capital structure implications
- Class B shares are fully convertible 1-for-1 into Class A, giving Atlas flexibility to crystallize voting or liquidity advantages.
- Interest-for-equity payments conserve issuer cash but generate incremental dilution.
- With 24 % ownership and coordinated voting/dispositive power, Atlas can meaningfully influence corporate actions, board composition and future financings, though it stops short of majority control.
No other share transactions were reported in the past 60 days, and the amendment contains no forward-looking commitments or standstill provisions. The filing is informational and does not itself trigger a change-of-control event.
- Cash conservation: Paying interest with shares saves roughly $0.28 m in cash, easing short-term liquidity pressure.
- Strategic shareholder support: Atlas’ larger stake may provide continued financing flexibility and potential alignment with management.
- Dilution: Issuance of 222,891 new Class A shares increases the share count by ~1.75 %.
- Concentrated control risk: Atlas now holds 24.2 % of voting power on an as-converted basis, heightening governance influence.
- Signal of limited cash: Settling interest in equity instead of cash may indicate tight liquidity conditions.
Insights
TL;DR: Atlas raised its stake to 24 %; dilution minor, cash preserved, governance influence rises.
The additional 222.9k shares issued for interest add only ~1.8 % to the float, so near-term EPS impact is negligible. Greenidge benefits by conserving ~$0.28 m in cash at a time when liquidity is critical for crypto-miners facing volatile power and Bitcoin prices. However, paying interest in stock signals limited cash generation. Atlas’ cumulative position gives it effective blocking power on key matters requiring a simple majority, potentially easing future recapitalisation but also concentrating power in one sponsor.
TL;DR: One investor group now wields 24 % voting power; oversight risk shifts accordingly.
From a governance lens, Atlas’ aligned vehicles, plus two managing partners as individual filers, act in concert. While they disclaim beneficial ownership beyond direct holdings, their unified voting and dispositive power centralises influence. Investors should monitor board composition, related-party transactions and potential conflicts, especially if further debt is serviced with equity. Concentrated ownership can accelerate strategic decisions but may marginalise minority shareholders if protections are weak.