Vulcan Infrastructure and Power Inc., the company formerly known as Greenidge Generation Holdings, disclosed in a July 20, 2026 regulatory filing that it has secured approximately $39.4 million in a private investment in public equity, or PIPE, transaction. The deal, signed on July 19, brings in new strategic investors alongside existing insiders and marks a decisive pivot away from the company’s legacy cryptocurrency mining roots toward acquiring and developing energized sites for artificial intelligence and high-performance computing data centers.
The investors and the structure
The financing is anchored by three main investors. MIG REF II INFR, LLC, an affiliate of Machine Investment Group, is contributing $15 million in exchange for roughly 2.9 million shares of Class A common stock, a $10 million senior secured convertible note, and a three-year warrant to purchase an additional 1.75 million shares at $1.71 per share. Atlas GREE Investment Holdco LLC, an affiliate of certain existing stockholders, is purchasing approximately 2.9 million shares for $5 million. Conversant PIF Aggregator A LP is buying roughly 3.5 million shares for $5.95 million. An additional group of investors that includes the company’s CEO, CFO, president, and a board member is acquiring about 7.8 million shares for $13.37 million. All common shares are priced at $1.71, equal to the closing price on July 17, the last trading day before the agreements were signed.
The company intends to use the net proceeds to redeem the remaining roughly $33 million of its 8.50% senior notes due October 2026, with any leftover funds directed to general corporate purposes.
A reconstituted board and new governance
The transaction will trigger a significant overhaul of the board of directors. Immediately upon closing, the board will expand to ten members: four nominated by Atlas, the CEO, two independent directors identified by MIG and approved by Atlas and the company, one independent director identified by Atlas and approved by MIG and the company, and two independent directors identified by the company and approved by the investors, one of whom will be Conversant’s nominee.
Once certain regulatory approvals are obtained, the board will shrink to eight members. At that point, MIG and Atlas will each gain the right to nominate one director. After the 2027 annual meeting, each of those investors can nominate two directors as long as they hold at least 7.5% of the outstanding common stock on a fully diluted basis, or one director if their stake falls between 5% and 7.5%. MIG and Atlas will also each receive a non-voting board observer seat while they hold at least 5% of the shares.
Key terms of the convertible note and warrant
The $10 million MIG convertible note carries a 10% annual interest rate, paid in kind by adding to the principal. It matures in three years and is convertible at MIG’s option into Class A common stock at $2.1375 per share, subject to customary anti-dilution adjustments. The company can force conversion if the stock’s volume-weighted average price exceeds 215% of the conversion price for a sustained period, provided at least 18 months have passed or the company has raised more than $75 million in equity.
The note is secured by a first-priority lien on the company’s cryptocurrency mining equipment, currently roughly 6,258 miners in New York and North Dakota, and will eventually be secured by the company’s powered land in Columbus, Mississippi. If required regulatory approvals are not obtained by March 31, 2027, the company must redeem the note at 130% of the outstanding principal plus accrued interest.
The accompanying warrant is exercisable immediately at $1.71 per share and expires in three years. It includes a 9.99% beneficial ownership blocker until regulatory approvals are received, along with cashless exercise provisions and customary protections for fundamental transactions.
Investor rights and the strategic shift
The subscription agreements grant MIG, Atlas, and Conversant rights of first offer or participation rights on future equity and equity-linked financings, subject to ownership thresholds and other conditions. MIG and Atlas also receive registration rights for their shares and may earn project-level acquisition fees or promote incentives for identifying powered land opportunities and prospective tenants, payable in cash or stock and subject to independent director approval.
The filing formalizes a transformation that had been signaled in the company’s simultaneous rebranding from Greenidge Generation to Vulcan Infrastructure and Power. The name change and the capital infusion together represent a deliberate exit from bitcoin mining and an entry into the business of developing power infrastructure for the growing demands of AI and high-performance computing workloads.