Greenidge Generation terminates agreement to sell South Carolina property

Greenidge Generation (GREE) announced that on August 24, the company received written notice from Data Journey exercising its right to terminate the purchase and sale agreement, dated November 27, 2024. Pursuant to the agreement, the company agreed to sell Data Journey two parcels containing approximately 152 acres of land located in Spartanburg, South Carolina, together with the power rights to the property, for the purpose of constructing, developing and operating a data center facility, for $12.1M in cash and an 8% profit participation interest in the project. Pursuant to certain side letters to the agreement, dated March 3 and July 10, between the company and Data Journey, the parties agreed, among other things, to: provide Data Journey an option to consummate the transaction, which was scheduled to expire on August 25 and allow the company to retain non-refundable deposits paid by Data Journey totaling $400,000, continue marketing the property to other prospective purchasers, and terminate the agreement in its sole discretion at any time after the closing deadline.