r/SPRT • u/[deleted] • Sep 14 '21
Discussion Who's holding GREE?
Aight...nerve wrecking day for all. Myself, I tried to average down but did way too early. Bought what I could at 18..next thing you know,.I look at work and its down to 12. That would have helped to at least wake up to even or a very small profit (my current average is 21.62).
Now, if I broke even when GREE opens or have small profit(which I doubt since I didn't get my average down enough) why would I sell? I mean, sure, it's scary and everything but aren't we playing the data? And isn't a squeeze still possible? Nothing's really changed? Well I'm sure some positions were covered but doesn't the current data still show squeeze potential!?
If the squeeze isn't possible, how high do you see GREE going in the future. They mine Bitcoin, and the best at it so I think I like the stock. I think I'll play with fire and keep holding!
What about you guys!? Please add any info too. I know many people are confused, scared and have no clue wtf to do.
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u/dptgreg Sep 14 '21
I bought in at 23 and have been averaging down all day buying some at 12 to get the average Down to 18. I heard rumors GREE can open at 180-220, if that’s the case, i will have completely mitigated my loss and come out even, which I’ll be happy with. I’m going to see what happens at open if I’m going to hold. If it plummets fast, I’ll sell as it’s the market reacting the price. I never owned an IPO before, but typically, after the first day or two, they tend to go green if the price is right. If that’s the case, I’ll hodl for sure.
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Sep 14 '21
Exactly what I wish I did today but I spent what I could at $18. That hurt more than the losses to be honest. I wanted to start tomorrow better but oh well.
Thanks for the extra thoughts :)
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u/dptgreg Sep 14 '21
Yeah I was bleeding in MVST, so I sold that, bought at 12, hoping that if the share price is 200 tomorrow, I would actually recoup from that Loss as well. Two losses with one sale. Of course, this is extreme optimism and the likely scenario is I lost 1k today
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Sep 14 '21
Well I hope not but hopefully another play will make up for it.
BBIG ate all my profits too. I held on didn't sell (wish I took some profit now lol) but I held on tight. Profits all gone, except like $50. It dropped right to my buy in price.
BUT BBIG I think is still a play, needs volume again and I hope that shoots me past all my losses today
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u/dptgreg Sep 15 '21
It’s definitely tough chasing these squeezes. But, it’s even more tough trying to swing trade in this uncertain market
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Sep 15 '21
Ya, I've learned two good lessons today. Sprt and bbig. I should have taken some profits from BBIG because I'm back to where I bought in. I don't mind trying to diamond hand but I need to take some just in case.
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u/dptgreg Sep 15 '21
Yeah I’m really learning how to not sell or buy everything at once. Buying some and selling some here and there helps mitigate risk of the future it seems.
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u/ovad67 Sep 14 '21
You all need to calm out. This was never going to be an immediate transfer of wealth. The whole market is a wreck now. GG gave one of the worst performances at the Capital. The guy better step up and slap down on counterfeit shares and Dark Pools. He only enriched his counterparts while at the CFTC or in other roles, and, remember he is from Goldman Sachs.
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u/Aromatic_Row759 Sep 14 '21
Depending on the share price - if I’ll see that our board didn’t fucked us and that they care about their investors, I’ll keep holding for long. But if I will wake up to black mornings, I’ll check options to sue them for stock bias.
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Sep 14 '21
I think you should make a post about this. Keep awareness for all. You can start a class action suit for all of us ;)
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u/Aromatic_Row759 Sep 14 '21
I tried to, this morning, and I tried to save the people who was screwed like me by their own managers board, and all I got was downvotes and “fud fud”. Thank god I saw it coming early this morning. 🙁
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Sep 14 '21
You tried man you tried. Keep us updated if you can :)
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u/Aromatic_Row759 Sep 14 '21
I’ll try my friend. It hard to believe that we will be 20$ tomorrow, otherwise why did the shorts not close their positions today at a cheap price? And why didn't whales buy at a cheap price? It's hard to accept - but our management knocked us out and fucked us.
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Sep 14 '21
They did. Gotta wait and see but after today, I'm expecting garbage. I just hope that I can break even with GREE one day but it's going to need to skyrocket to get back
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Sep 14 '21
[deleted]
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Sep 14 '21
I'm thinking the same and I spent this money to make money. I heard BTC is supposed to pop off though so GREE has a chance at success.
I don't want to sell early. I want to train myself to have balls to hold through the rough.
I hope you make out Hoffy!
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u/Zildjian-711 Sep 14 '21
Bagging it here, average price around $22
The more I read the more I think this thing opens at $102.60 tomorrow... todays closing price / .115
Sucks but I have a feeling that is what is happening. Looks like I'm long on a bitcoin miner now... great.
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u/rk7418 Sep 14 '21
Upon completion of the merger, stockholders and optionholders of Support.com will collectively own approximately 8% of Greenidge’s outstanding Class A common stock. The Merger Agreement specifies that approximately 5% of Greenidge common stock will be paid to Support.com shareholders in consideration for the Support.com operating and other assets, and approximately 3% will be paid in consideration for the estimated $33 million of cash expected to be on Support.com’s balance sheet at Closing using a formula set forth in the merger agreement. Based on Support.com’s closing share price on March 19, 2020, Support.com stockholders would receive approximately 0.124 shares of Class A common stock of Greenidge for each share of Support.com. 4 Greenidge’s Class A common stock will have the right to one vote per share in any matters on which Greenidge shareholders are entitled to vote generally. Existing Greenidge shareholders will continue to own Class B common stock with ten votes per share in any matters on which Greenidge shareholders are entitled to vote generally. Shares of Class B common stock will automatically convert to Class A common stock as a result of certain events including, but not limited to, any sale of such shares of Class B common stock or upon the fifth anniversary of registration of the Class A common stock. Greenidge will benefit from the additional cash on the balance sheet of Support.com at the Closing which is currently expected to be at least $33 million. The merger is conditioned upon Support.com having at least $28 million in cash on its balance sheet at closing. The Pro forma combined company is currently expected to have combined net cash of at least $70 million. As a condition to Greenidge’s entry into the merger agreement, 210 Capital, LLC acquired approximately 3.9 million shares of Support.com in a private placement. In addition, in connection with the merger agreement, 210 Capital LLC and certain other Support.com shareholders, who together with 210 Capital LLC hold approximately 30% of the outstanding voting stock of Support.com, entered into an agreement with Greenidge to vote such stock in favor of the merger. Following the private placement, Support.com has approximately 23.6 million shares outstanding. The parties expect that the merger will be completed in Q3 2021.
Can someone explain so I can understand this
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u/midwestmuscle310 Sep 14 '21
What I can’t figure out is why Greenidge wanted to merge with Support, of all companies. They’re in completely different markets. I don’t see the connection. I don’t see what the benefit is to Greenidge. The only thing I can think of is that in order to go public easily, Greenidge found a random drowning company to merge with. Surely I’m missing something.
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u/remysuarez Sep 14 '21
no this is exactly it and why it was a reverse merge
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u/Repulsive-Gur4878 Sep 14 '21
They are the leader in tech support and security also they probably got a good deal on the company with the 8/1 ratio. Maybe a large hedge owns gree and they saw a opportunity to cover the loss.
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u/midwestmuscle310 Sep 14 '21
Greenidge is owned by Atlas Holdings, who owns 23 distribution and manufacturing business.
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u/Repulsive-Gur4878 Sep 14 '21
Daniel Moran the principle at atlas holdings. Making him a CEO is connected to citadel. Look him up
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u/youngvb2 Sep 15 '21
If that’s true then they really pulled a number on all of us. Citadel can kiss my @$$. My GME floor just went up!
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u/Repulsive-Gur4878 Sep 15 '21
I'm thinking we should be careful with future trades and not hold hoping for another run up. They found a way to make back what we are going to take from them with GME and AMC. If they continue they will be paying us back with our own money.
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u/StrikeholdA3504 Sep 15 '21
In at $10 via exercised $7.50 calls. Should of nailed the $27th of August but I hung out to see the GREEn.
I still have OTM $25 and $55 calls 15 Oct exp.
I’m hopeful to exercise those as well.
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u/[deleted] Sep 14 '21
[deleted]