Greenidge Generation’s last-ditch efforts to avoid being delisted from the NASDAQ stock exchange sputtered late last week, as the Bitcoin mining company’s Class A common stock continued to fall after a 1-for-10 reverse stock split took effect Tuesday.
The shares fell to $3.10 Friday, down 22 percent for the week and 47 percent for the month. Days before the reverse split those shares were trading at around 40 cents — well below the $1 minimum requirement NASDAQ was poised to enforce.
“Abandon Ship! This is falling,” one Greenidge message board poster wrote 34 minutes before the market closed Friday afternoon. “Mark my words. Below $3 we fall hard. There is no support, no leadership, no plan and worse no end to the stock falling.”
Every $100 invested in Greenidge Class A common stock when the company went public in September 2021 is now worth less than $1.
Even so, the fragile state of Greenidge’s finances may not be the top priority right now for Andrew Bursky, one of the two men who for years have shared voting control of the company and overseen its financial implosion.
Besides his arms-length involvement with Greenidge, Bursky plays a central role in a movement that aims to tilt the outcome of the 2024 presidential election by promoting a nonpartisan third-party ticket financed by dark money megadonors.
The private equity financier from Connecticut is co-founder and member of the executive board of No Labels, a group that already has presidential ballot lines in four states and seeks them in all 50 states.
Next April it plans to hold a convention in Dallas that will pick its presidential candidate — possibly Sen. Joe Manchin, a West Virginia Democrat, or Maryland Gov. Larry Hogan, a Republican, or Sen. Kyrsten Sinema, an Arizona independent.
No Labels says it plans to offer American voters an “insurance policy” against “unacceptable” candidates — the major party front-runners, President Joe Biden and former President Donald…
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