STOCKS TELEGRAPH

Tag: Support.com Stock

  • How Did The SPRT Stock Rise 21% Afterhours?

    At last check, Support.com Inc. (SPRT) shares were up 21.39% to $8.40 in after-hours trading. The SPRT stock closed Tuesday’s session at $6.92, up 2.67%. SPRT closed with a volume of 5.65 million shares, well above the average daily volume of 3.46 million shares in the past 50 days. Since the beginning of the year, Support.com Inc. shares have risen by 373.97%, and the stock has moved up by 53.44% in the past seven days.

    The SPRT stock gained 88.56% over the past three months, but it lost 214.55% over the past six months. Moreover, Support.com Inc. currently has a market capitalization of $148.51 million and has 20.20 million enumerated shares outstanding. SPRT’s stock price rose in the absence of recent news, which allows us to draw more conclusions from recent developments.

    What’s been going on at SPRT Stock?

    A leading provider of customer support and technical support services, Support.com employs home-based employees to deliver services. SPRT has achieved outstanding results for global and top-tier clients for more than 20 years. In addition, SPRT’s omnichannel solutions are designed specifically for Homesourcing environments, resulting in NPS scores that are among the highest in the industry. Using its proprietary cloud-based systems and a highly scalable, global network of home-based employees, Support.com Inc. efficiently meets changing client needs.

    The Russell Stock Index reconstitutes its stock index annually, and Support.com recently joined the Russell Microcap Index as part of the reconstitution.

    • SPRT was added to the index on June 28, 2021.
    • As a member of the Russell Microcap Index, SPRT will automatically be included in the growth and value style indexes for one year.
    • Support.com Inc. membership is determined by market capitalization rankings and the style attributes of SPRT for FTSE Russell indexes.
    • It was an important milestone for Support.com Inc. for its continued development that it was included in the Russell Microcap Index.
    • As part of the broader investment community, the recognition provides Support.com Inc. with added visibility.

    The SPRT stock has gained more than 70 percent since it became a member of the Russell index.

    Launch of new service:

    Support.com also announced new services last month that provide 24/7 on-demand customer support to emerging fintech companies, cryptocurrency and NFT exchanges, wallet OEMs, and cryptocurrency exchanges. By leveraging its proprietary security software and deep institutional knowledge, Support.com Inc. will be able to meet rising market interest and demand for crypto-based customer support solutions, including SPRT’s Cloud Platform and Crypto Concierge service.

    How SPRT will be leveraging its capabilities?

    The Homesourcing model of SPRT combines a secure, cloud-based platform with integrated customer support tools to enable a rapidly scalable, always-on workforce capable of supporting business operations at all times. Support.com hires and onboards experts with the technical knowledge and skills required to support crypto and fintech services without geographical restrictions or brick-and-mortar facilities.

  • Support.com (SPRT) stock surged more than 200% in the premarket; Here’s why

    The support.com stock had plunged 1.38% in the market when it closed at $2.14. However, the pre-market price of the stock is a completely different story as it soared by more than 200%.

    The reason that could most definitely be behind this soar is the announcement of merger between Greenidge Generation Holdings and Sport.com.

    Glimpse of the two merging companies

    Support.com Inc. is an information technology support company that provides its services to private individual clients as well as businesses. The company is headquartered in Delaware and particularly provides services for the software platform of Android, macOS, iOS, and Windows supporting gadgets.

    Greenidge Generation Holdings Inc. is a holding company that includes Greenidge Generation LLC which is the holding company’s subsidiary. This subsidiary specifically focuses on an integrated bitcoin mining operations. It also has a power generating facility present in Upstate New York. The Holding company also has a 106MW natural gas plant, allowing it to continue its subsidiary operations at low power costs due to owning and access to a vast natural gas reserve in North America.

    Why this merger is significant

    The Greenidge Generations Holdings Inc. has announced that it will be a part of the NASDAQ listed companies thanks to merger with the IT Company. This merger is done specifically through definitive agreement of a stock-for-stock transaction where both parties have given approvals.

    The merger upon its completion will make Support.com a part of the subsidiary family of Greenidge Generations Holdings Inc. Greenidge’s decision to acquire Support.com seems to be motivated by the fact that it wants to expand the IT-base tech assistance to accelerate its mining capacity. Greenidge will become the only U.S. public company operating a vertically integrated mining operation and power generation system.

    Support.com will reinforce the operational stability of Greenidge

    This is what makes Greenidge unqiue, because it has the combination of owning a power generation system to provide power to its own mining equipment’s operations. This is something that other mining companies have to rely on third-parties for. The company’s operational fundamentals are steady due to low fixed costs for both mining operations and as well power generational functions.

    According to the financial adjustments relating to this merger, Support.com will provide an additional cash balance to Greenidge. The merger is expected to be closed at $33 million. The merger will be closed in the third quarter of this year and will have combined net cash of at least $70 million dollar.

    Furthermore, 210 Capital LLC has decided to acquire approximately 3.9 million shares of Support.com under the condition that this merger carries out. This has now updated the current outstanding stock of Support.com to approximately 23.6 million shares.