Why Support.com Stock Skyrocketed Today
Shares of Support.com (NASDAQ: SPRT) soared on Friday in an apparent short squeeze. By the close of trading, the technical support company's stock price was up 33.7% after surging as much as 203% earlier in the day.
In March, Support.com made public its intention to merge with Greenidge Generation Holdings, a vertically integrated power-generation and Bitcoin (CRYPTO: BTC) mining company. Then in July, Greenidge Generation announced its plans to build a new carbon-neutral Bitcoin mining operation in South Carolina.
Investors' interest in the merger appears to have ramped up ahead of Support.com's special meeting of its stockholders on Sep. 10. A rally in Bitcoin's price from its lows near $30,000 in July to roughly $49,000 today -- as well as calls for more sustainable mining operations from companies like Tesla -- also likely contributed to investors' excitement about the deal.
Source Fool.com
