Charles J. Laurent
Shares of Greenidge Generation have surged by 10% to $5.29 following its recent announcement of a partnership and share exchange with Infinite Reality.
As part of the agreement, Infinite Reality will be acquiring shares of Greenidge valued at $8.33 per share. In return, an equivalent amount of Infinite Reality stock will be exchanged, resulting in a valuation of $2.5 billion.
Additionally, Greenidge has granted Infinite Reality a one-year warrant to purchase Greenidge shares at $7 per share. The proceeds from this transaction will be utilized by Greenidge for the development of a new data center.
In reciprocation, Infinite Reality has provided Greenidge with a one-year warrant to purchase an equivalent value of Infinite Reality shares. This mirrors the $2.5 billion valuation assigned to Infinite Reality and the proceeds will be allocated towards general working capital purposes.
Greenidge has also unveiled its latest service offering, GreenidgeAI. This new venture aims to specialize in providing infrastructure solutions, including data centers utilizing graphic processing units (GPUs), to support generative Artificial Intelligence workstreams.
Furthermore, it has been confirmed that GreenidgeAI will exclusively serve Infinite Reality within the United States and Canada.
In addition to the share exchange, both Greenidge and Infinite Reality are actively exploring the possibility of jointly designing and constructing a new data center for Infinite Reality. This data center will be powered by Greenidge's cost-effective power supply and benefit from the expertise of their engineers who possess extensive experience in data center design and construction.
GreenidgeAI has outlined its plan to commence accepting external customer orders by 2024. With this timeframe in mind, the partnership between Greenidge and Infinite Reality is poised for future growth and success.
Leave A Reply
Your email address will not be published. Required fields are marked *