Support.com stock skyrockets after merger deal with bitcoin mining company

Support.com stock skyrockets after merger deal with bitcoin mining company

Shares of Support.com Inc. more than tripled on massive volume Monday, after the provider of technical support services and cloud-based software announced a deal to be acquired by bitcoin mining company Greenidge Generation Holdings Inc.

Support.com's stock

SPRT, +247.20%

skyrocketed 244.4% in morning trading, to put it on track for the highest close since August 2014. Trading volume exploded to 161.9 million shares, which already marks a one-day record for the stock, and is multiples of the full-day average of about 148,000 shares over the previous 30 days.

The stock is currently both the biggest percentage gainer and most actively traded on major U.S. exchanges.

Privately held Greenidge said it expects to be the deal would make it the first publicly traded bitcoin mining company with a wholly owned power plant.

Under terms of the deal, about 5% of Greenidge shares will be paid to Support.com shareholders for Support.com's assets. In addition, about 3% of Greenidge shares will be paid for the estimated $33 million of cash expected to be on Support.com's balance sheet.

As part of the deal, 210 Capital LLC acquired 3.9 million shares of Support.com in a private