Vulcan swaps $2.79M of 8.50% 2026 notes for 10.00% 2030 notes plus 1M warrants at $1.87

Greenidge Generation Holdings Inc.

Exchange: $2,833,358 principal of new 10.00% Senior Notes due 2030 plus warrants for 1,000,000 Class A shares at $1.87, swapped for $2,793,150 of 8.50% 2026 notes plus ~$40,230 accrued interest.
The exchanged 8.50% notes mature October 31, 2026 and trade as GREEL (CUSIP 39531G209); the new notes carry the same terms as the existing 10.00% notes due June 30, 2030, issued in $11 denominations.
Closing expected on or about October 1, 2026; exchanged 2026 notes are cancelled and all holder rights extinguished at delivery, with no separate cash paid for accrued interest.
Warrants run three years, are cash-exercise only, carry a 4.99% ownership blocker and a short-sale ban, and come with piggyback registration rights on the Warrant Shares.
Company intends the exchanges to qualify as a tax-free recapitalization but says the matter is 'not free from doubt'; notes rely on Section 3(a)(9), Warrant Shares on Section 4(a)(2).

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