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Greenidge Generation Holdings Inc. (Nasdaq: GREE), a vertically integrated cryptocurrency datacenter and power generation company, announced that on Aug. 24, 2025, the company received written notice from Data Journey LLC exercising its right to terminate the Purchase and Sale Agreement, dated Nov. 27, 2024.
Officials said 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 building, developing and operating a data center facility for $12.1 million in cash and an 8 percent profit participation interest in the project.
Pursuant to certain side letters to the agreement, dated March 3 and July 10, 2025, between the company and Data Journey, the parties agreed, among other things, to: (i) provide Data Journey an option to consummate the transaction, which was scheduled to expire on Aug. 25, 2025 (the “Closing Deadline”); and (ii) allow the company to (a) retain non-refundable deposits paid by Data Journey totaling $400,000, (b) continue marketing the property to other prospective purchasers, and (c) terminate the agreement in its sole discretion at any time after the closing deadline.
Jordan Kovler, Greenidge's chief executive officer, said in a statement: “We will continue making the investments necessary to secure the Property’s long-term power rights and explore all opportunities to maximize value for Greenidge shareholders.”
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