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Corporate Finance shareholders approve merger with bitcoin miner Greenidge, stock falls



Shares of Inc.

tumbled 16.5% in afternoon trading Friday, after soaring 34.8% over the past two sessions, after the customer and technical support services company said it shareholder approved the deal to be acquired by bitcoin mining company Greenidge Generation Holdings Inc. The stock has now pulled back 40.0% since it closed at a 17-year high of $36.39 on Aug. 30, after a meme-stock like rally that took the heavily shorted stock up 364% in two weeks. “We are grateful for our stockholders’ overwhelming endorsement of the merger with Greenidge,” said Chief Executive Lance Rosenzweig. The company said it will announced the target date for the closing of the merger when it is determined. The stock has rocketed 892.7% year to date, which compares with the the Nasdaq Composite’s

rise of 18.0% and the S&P 500’s

advance of 19.3%.

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