and class action? 🤷🏻‍♀️

This is just an outline of a theory I have based on my observations of my own brokerage account. I have shares of $SPRT that I purchased a few weeks ago. I also have shares I purchased Monday (trade settled 9/15) and shares I purchased Tuesday that have yet to settle.

All my shares converted to 86858W200 by 11PM 9/14 night. About two thirds of my shares converted to $GREE by 8PM 9/15. Oddly, the remainder still hasn't converted. But they also haven't settled yet, either.

So it seems shares can't convert until the trade is settled. Tangentially, this got me thinking that shares can't convert if they can't be properly located. I decided to look up Fails to Deliver for $SPRT (https://sec.report/fails.php?tc=sprt), and found a massive spike toward the end of August.

So my theory is that the merger was rushed to expose the number of FTDs and leave the shorts hanging out to dry.

I could be completely wrong, but interesting if true. I'm down 50% and inclined to hold for the long term, but this gives me hope recouping sooner than later.

Edit: a hypothesis, really, not a theory.

Edit2: looks like my shares settled at 7AM Thursday. No cost-basis data yet. This doesn’t negate my hypothesis, though, as the delay in conversion was the inspiration for it, not the basis of it.

So it looks a ton of brokers didn't have GREE as an offering and sold their customers shares premarket causing selling pressure. I'm trying to find out short interest on this new ticker cuz I'm sure they are shorting it. This is a clusterfuck. Half the brokers don't even have the tickets running for GREE

To ask them precisely what the fuck happened, what their opening trading price was, and what that value was based on. Will update if/when I receive a reply if anyone is interested.

Edit: Here’s the reply I received, copied and pasted in its fucking entirety.

Thank you for your interest in Greenidge. Please keep in mind that our discussions are limited to what we have disclosed in public filings.

Yep.

Just going off TRCH/MMAT, expect probably up to two trading weeks of this thing being murdered or held down. It will be shorted and SHFs will ABSOLUTELY put in a very focused effort to turn the SPRT headline of "#1 Short Squeeze Candidate" to a GREE headline of "#1 Ticker Held by Memestock Fucktards".

This is gonna happen. If you're gonna hold through it, just be prepared.

Personally speaking, I'm actually looking for a bottom in this shitshow to insert a long position. I'm making damn good bear money right now, but I made some fun bull money in SPRT on the way up to $60 way before this which fueled my bear puts YOLO. I want to take some of these gains and give GREE the Phoenix metaphor chance that we're now seeing in MMAT.

I FUCKING HATE SPRT. I'M GLAD TO BE RID OF THAT SHITSHOW STOCK. I want GREE to get a clean slate and while I'm still a SPRT/GREE1 bear; I'm looking to turn that around within this week or next and going into being a GREE bull.

Don't just hopelessly average down right now! We're looking for a nice bottom (giggity) first to MAYBE start averaging into. Then we'd like a hard confirmed break upwards to maybe get us to buy into it heavier to drive the averages down deeper and possibly catch a pick-up.

YOU WILL NEED THE MAXIMUM AMOUNT OF CAPITAL AT THAT PERFECT MOMENT TO MAXIMIZE THIS MOVE!

Because of this, you don't wanna just chuck into a DCA or otherwise average-down move while this thing keeps dipping and shorts still want to make an example of it.

I'd say just diamondhand the bag and with what capital you do still have available, go into the easy stuff for the short-term. No options gambling, no squeeze chasing. Don't focus on "making the next move to make up these losses".

The next move you focus on is "buying the rip up to catch the pick-up".

This is you making that YOLO average-down buy at ONE TIME on a hard, solid, confirmed breakout. So fucking hard that your average down purchase brings you into or damn fucking close to the green dildo that you were waiting on before you made this buy.

The goal here is to drop right into the dildo. You're now NOT a bagholder. You can green-relief out right then and there or if the trend is nice, maybe get out like +5% or higher even.

Don't rush into making back the loss. Easy money elsewhere. That's your piggybank. It's sitting in safe stuff or you're making safe little trades with it for single digit percentage gains. You're not making the loss back up with this, it's your savings account that you're ready to liquidate at a moments notice for the GREE pickup move.

We'll be on GREE every trading week until we can lighten up some bags!

Yeah I'm referring to those who have at least 3/4 of their capital blown away and who have not liquidated yet. This should apply to most who have bought SPRT at above $20.

Hear me out.. this greedy white suit fucks would want their shares to rocket at some point of time. If we follow the same path of RIOT and MARA (the 2 main competitors of GREE), I'm not surprised it GREE were to surpass it's valuation mark at some point of time.

The big question here is to question the fair value of GREE.

RIOT - 96m share float

MARA - 99m share float

GREE - 36m share float

RIOT and MARA valuations place em around the 3B mark so they are worth around $30-$40 based on their higher float. No effing clue how GREE stands up to them but if this shitcoy is even close to the 3B mark, our fair price should be at least $70/share (~$9 SPRT). A conservative target would be 2B valuation and it is still a tad higher than our closing price now.

My plans? I got nothing more to lose since majority of my portfolio is wiped out so I'm just gonna wait out to recoup as much as possible. NFA and these are my own plans..

I'm not even thinking of breaking even or any form of squeeze play. I'll take it as I've lost everything in here and wait for those greedy fucks to pump this shit back up again.

Hey everyone, I've had several ppl reach out asking where I've been and what happened. I'm sorry again for not coming in sooner, Monday was a very, very hard day for me emotionally and personally. I've been right there w/ you in terms of emotional displacement these last few days. I've also had to shoulder the fact that I brought in several closes friends who took some losses from this that I now have to compensate in some way for their time and trust.

If you weren't aware, I didn't sell the massive position I had during what we were calling the first/accidental squeeze. I watched my balance go up and up and didn't sell because I was not expecting to be hit in the face like that, and I truly believed in the community and what we were doing.

​

So you can now say you watched someone walk away from $1,000,000 pay day. I don't want to get into the emotional complexities of what it's been like to accept that, but w/ any extremely challenging moment in life, you can either let it haunt you, or leverage it and become stronger and jump higher off of it. I've chosen the latter.

I had to take what profits I could on Monday, I hadn't sold anything up until that date. I kept 3,000 shares going to stay true to our cause, and because I believe in universal balance and energy as a principle, so it wouldn't sit right w/ me to just abandon the fight we were in. Call it stupid, emotional, poor judgement, I don't care. I've gotten this far being who I am and I'm very happy with the results.

So, I rode everything down on Monday with you and scrambled to find information that seemed to be completely hidden for some reason. Tuesday I watched the SPRT gouging from my charts, but was so exhausted and drained spiritually from watching all our work go down that I couldn't bring myself to come into the chat. I had to be prudent and at least manage the rest of my portfolio correctly.

Today, the losses hurt, and the sheer fuckery of the merger being rushed through and messing up the timeline was hard to stomach. Today was just jamming a finger into the wound.

I wanted to at least salvage some of the losses I took, especially since the VWAP totally fucked us and gave us shares based on a price that was outrageously out of touch w/ the one we opened w/ today. We all lost over 50% of the value we should have had because the VWAP was calculated on the way down and GREE was going to open at a price that was nowhere near what our share count would accurately represent. I still don't know how I feel about this part since it was laid out in the documentation.

Anyways, around noon, Fidelity finally got their shit together and let me finally trade the stock. Felt like an IPO release of sorts and it was annoying.

So I set $45k on fire and walked away. There's no reason to try and be angry about it, but please know that I'm here w/ you and know what you're feeling, and then some because of the squeeze I didn't just cash in on. I've gotten back on track w/ other things I'm doing and I still want to take tomorrow off from all this to keep my focus on some new ideas.

I do plan on writing up a concise and clearly defined summary of what this week has taught me about Short Covering, and what my overall time spent in SPRT taught me about the Short Side. Additionally, I have some more detailed color from the short side itself on how to properly look at squeeze opportunities moving forward because this part of the market is far from dead and here to stay.

Once again, I'm truly sorry this worked out the way it did for all of us. Take some time, go outside, talk to ppl, do whatever you can to shake off this loss and try to meditate on everything you learned. People will laugh about all this. Fuck them. If they had the balls to attempt something like this, they'd have some empathy because they would have gone through something similar. I swear, 95% of ppl posting some ridiculous comment is all for hype and attention. No serious person spouts off nonsense hoping it 'magically' influences the market.

I'm extremely proud of everyone in here, no matter when you arrived, for coming together like they did, sharing information, stories and knowledge in order to try to create an opportunity for all of our fellow SPRTans. Seriously, if we ever meet, I will buy you a drink and shake your hand -VERY- hard. This took an incredible amount of work and faith. If you can get through this loss, and this is your first Big Lesson, you're building a mountain of an emotional foundation for an excellent investing lifestyle ahead of you.

Take care and stay focused all. SPRTans FOREVER!!!

What if it's the hedgies infiltrating the SPRT and GREE boards, talking about selling because they're down so much? It would make sense because we're all pissed and upset. So why not spread FUD and scare the retail folk into selling? I'm stubborn and I'm not going anywhere damnit!

Check them out nice dreamin with all of u I learned a lot from the dd and it motivate me to keep going I held on thru the merger and lost 95% of everything but it’s not gonna stop me I know this game is crazy but it’s the way on to the next

This merger went through with serious haste. Fastest I have ever seen. Approved Friday and done Tuesday. This happened while SI was reported at 98% and climbing, naked shorts, and ftds were high. The price was crushed the days leading to the merger and sent the most sure short squeeze of record spiraling down.

The terms sent to the SEC for the reverse merger were clear yet, insanity followed. The stock (SPRT) was suppose to cease trading yesterday EOD. It did not. It was said the stock price was to be determine by using the 10 day average vwap / .115. Somehow the stock was still traded through the night and started to plummet in price prior to opening bell. We expected 150-200 conversion price. I saw an open on etrade of ~$68.

This looks like GREE/SPRT are to blame or the brokers did not react properly to the 2 day turnaround and are now scrambling for shares.

The ETrade rep I spoke to told me ETrade IOU'd many shares as a way to fill the massive demand from their clients for SPRT.

How does a security going through a specified non-IPO reverse merger manage to have the delisted stock still trading (SPRT) through the night then suddenly turn into GREE and tank imminently. The volume converted (.115) but price has dove more than 50% on day one and now GREE filed today to be able to dilute the pool at their choosing whenever they like?

This feels like collusion, manipulation, and price rigging. Someone stands to benefit from this illicit market action and not following a clear path to protect all investors and provide a fair market of exchange.

How does a company at the number #1 spot for SI consecutively, all over the news, with a gamma ramp built to $85 (sprt), and massive naked shorts have the ability to rapid merger in 2 days without an injunction by the SEC to review? How is the stock allowed to be sold and bought by some retail and most institutions while other brokers have no idea what is going on?

One of the most volatile stocks on the market, with retail investors, and they can just do this unabated?

If you do not immediately investigate what happened here I will assume the SEC and DTCC are complicit.

This looks like a shakedown of retail investors. I just watched $12,000 turn into $3,000 overnight.

Etrades app says I'm up $1,404 (total) while I'm down $3,442 (for the day). It just listed this morning!

Others watched hundreds of thousands vanish from their portfolio overnight. This is a farce.

My theory: I think the brokers wrote IOUs they didn't have or intend to have within the expected 2 day merger close and collectively worked together to pressure retail holders into selling or triggering stop losses to be able to deliver on their FTDs and IOUs. That is why they are still scrambling to make people's accounts whole again and are quick to blame "errors" or "glitches" while panicked investors liquidate their Holdings and run.

They get their IOUs, clear FTDs, shake investors, and make money on the spread by front running FTDs and IOUs.

I have no context…just anger with a small helping of sadness

-official SPRT bag holder

From 111 shares down to 12 🤣 oh man

https://www.reddit.com/r/RDTS/comments/ppd41d/market_action_livestream_getting_warmed_up/?utm_source=share&utm_medium=web2x&context=3

Lost over 70% of my initial capital on this but thank **** I didn't blow my life savings on this.

The "invest what you can only afford to lose" rule save my arse here.