Greenidge Generation Holdings Inc.
05/01/2026 | Press release | Distributed by Public on 05/01/2026 09:52
Failure to Satisfy Listing Rule (Form 8-K)
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Item 3.01 - Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
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On April 23, 2026, Greenidge Generation Holdings Inc. (the "Company") notified The Nasdaq Stock Market LLC ("Nasdaq") that, following the resignation of Kenneth Fearn from the Company's Board of Directors (the "Board") and the audit committee of the Board (the "Audit Committee"), effective as of April 15, 2026, the Company is no longer in compliance with Nasdaq Listing Rule 5605(c)(2)(A), which requires the Audit Committee to be comprised of at least three "independent directors" (as defined in Nasdaq Listing Rule 5605(a)(2)), and that the Company intends to rely on the cure period set forth in Nasdaq Listing Rule 5605(c)(4)(B) while it recruits a new Audit Committee member.
On April 29, 2026, the Company received a notice from Nasdaq (the "Notice") confirming the Company's non-compliance with Nasdaq Listing Rule 5605(c)(2)(A) as a result of Mr. Fearn's resignation from the Audit Committee. As mentioned above, the Company intends to rely on the cure period set forth in Nasdaq Listing Rule 5605(c)(4)(B) to regain compliance with Nasdaq Listing Rule 5605(c)(2)(A). In accordance with Nasdaq Listing Rule 5605(c)(4)(B), the Company has a cure period to regain compliance that extends until the earlier of the Company's next annual meeting of stockholders or April 15, 2027; provided that if the Company's next annual meeting of stockholders is held before October 12, 2026, then the Company must regain compliance no later than October 12, 2026. The Board is in the process of identifying and selecting a new member of the Board who qualifies as "independent" and meets the applicable audit committee criteria set forth in Nasdaq Listing Rule 5605. The Company intends to regain compliance with Nasdaq's audit committee requirements within the applicable cure period. The Notice has no immediate effect on the listing or trading of the Company's Class A common stock on Nasdaq.
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