Vulcan Infrastructure & Power Closes $39.3M PIPE; Issues Note & Warrants

What Happened
Vulcan Infrastructure & Power Inc. (formerly Greenidge Generation Holdings Inc.) announced the closing of a private investment in public equity (PIPE) financing on September 10, 2026. The Company sold 16,146,190 shares of Class A common stock at $1.71 per share and received aggregate gross proceeds of approximately $39.32 million. As part of the transaction, MIG REF II INFR, LLC also received a $10.0 million senior secured convertible promissory note and a three‑year warrant to purchase 1,754,386 shares (exercise price $1.71). After the closing and a pre-closing voluntary conversion of 2,680,031 Class B shares to Class A, the Company had 35,547,753 Class A shares outstanding.

Key Details

• PIPE participants and consideration:
  • MIG: 2,923,976 shares + $10,000,000 secured convertible note + warrant for 1,754,386 shares (aggregate to MIG = $15.0M)
  • Atlas: 2,923,976 shares (~$5.0M)
  • Conversant: 3,479,532 shares (~$5.95M)
  • Other Investors (including certain executives and a director): 7,818,706 shares (~$13.37M)
• Share purchase price: $1.71 per share. Total PIPE proceeds ≈ $39.32 million.
• Use of proceeds: planned redemption of the remaining ~ $33.1 million aggregate principal of 8.50% senior notes due October 2026; any remainder for general corporate purposes and predevelopment at Dresden, NY and Columbus, MS.
• Governance and rights: the Company entered investor rights agreements with MIG and Atlas giving board representation, a non‑voting board observer, right of first offer on certain future financings, sponsor incentive arrangements, and registration rights; the Board was reconstituted to 10 directors per those agreements.

Why It Matters
This financing materially affects the company’s capital structure: it provides immediate cash to redeem nearly all remaining October 2026 senior notes, reducing near‑term debt obligations. New investor protections and board seats for MIG and Atlas change governance and may influence strategic decisions. Investors should note the issuance of convertible debt and warrants (potential future dilution) and the updated Class A share count (35.55M) when assessing outstanding shares and potential dilution.