GREE.NASDAQGreenidge Generation Holdings INC

SCHEDULE: Conversant Capital Boosts Stake in Vulcan Infrastructure

Sentiment:

Schedule 13D Filing 11 September 2026 6:53 PM

📋All filings for Greenidge Generation Holdings INC

Conversant Capital LLC, through its affiliate Conversant PIF VIP Holdco LLC, has acquired a 9.8% stake in Vulcan Infrastructure and Power Inc. and secured a board seat.

Summary

Conversant PIF VIP Holdco LLC, an affiliate of Conversant Capital LLC, has acquired 3,479,532 shares of Class A Common Stock in Vulcan Infrastructure and Power Inc. for approximately $5,950,000 at $1.71 per share.
This acquisition represents a 9.8% ownership stake in the company, based on 35,547,753 outstanding shares as of September 10, 2026.
As a result of the investment, Conversant PIF VIP Holdco LLC has secured rights to nominate a director to Vulcan Infrastructure and Power Inc.'s board, with Jacky Wu already appointed.
The reporting persons (Conversant PIF VIP Holdco LLC, Conversant Capital LLC, and Michael J. Simanovsky) intend to participate in the management of the Issuer in the ordinary course of business.
The filing also details preemptive rights, registration rights, and an ownership threshold protection for the investor.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive development, as it details a significant investment and increased influence in the company's governance, but lacks specific operational or financial performance updates.

Positives

Significant investment of approximately $5.95 million by Conversant PIF VIP Holdco LLC.
Acquisition of a 9.8% ownership stake in Vulcan Infrastructure and Power Inc.
Secured board representation with the appointment of Jacky Wu.
Obtained preemptive rights for future equity issuances.
Granted registration rights for resale of securities.
Ownership threshold protection mechanism to prevent exceeding 9.9% ownership without notice and potential repurchase.

Negatives

The filing does not provide any new financial performance data or operational updates for Vulcan Infrastructure and Power Inc.
The investment was made through a private placement, not through open market purchases, which may limit immediate liquidity for other shareholders.

Risks

The reporting persons reserve the right to increase or decrease their position in the Issuer through open market or private transactions.
Potential for future dilution if preemptive rights are exercised and the company issues more equity.
The company's ability to meet regulatory approvals and Nasdaq listing requirements for director appointments could pose a challenge.
The effectiveness of the ownership threshold protection is subject to applicable law, the Issuer's organizational documents, and financing arrangements.

Future Outlook

The reporting persons intend to participate in the management of the Issuer in the ordinary course of business and consistent with the extent of its investment, including discussions regarding operations, prospects, capitalization, and corporate governance. They reserve the right to increase or decrease their position in the Issuer.

Management Comments

The Reporting Persons intend to participate in the management of the Issuer in the ordinary course of business and consistent with the extent of its investment, for example by participating in discussions with members of the Issuer's board of directors, management, and other Issuer investors regarding the Issuer's business, including its operations, prospects, capitalization and corporate governance.

Industry Context

StockSavvy.ai notes that activist investors or significant institutional players acquiring substantial stakes and board seats is a common strategy in the infrastructure and power sector, often aimed at influencing corporate strategy, governance, or operational efficiency.

Management Changes

Role	Previous Person	New Person	Effective Date	Reason
Board Member	N/A	Jacky Wu	September 11, 2026	Nominated by Conversant PIF VIP Holdco LLC as part of board appointment rights granted in the Subscription Agreement.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Board Appointment Rights	Purchaser has the right to nominate one director to the Board as long as it beneficially owns at least 5.0% of the outstanding Class A Common Stock, subject to independence requirements and other approvals.	September 11, 2026	Increases investor influence on board composition and strategic decision-making.
Voting Commitment	Purchaser agrees to vote all its shares in favor of the Board's slate of directors, provided the Purchaser Director is included and has voted in favor.	September 11, 2026	Ensures alignment between the investor's voting power and the Board's recommendations, potentially stabilizing director elections.
Preemptive Rights	Purchaser has the right to purchase a pro rata portion of future equity issuances to maintain its ownership percentage.	September 11, 2026	Protects the investor from dilution and allows for continued participation in future capital raises.
Registration Rights	Purchaser has the right to request shelf registration for resale of its shares and customary piggyback registration rights.	September 11, 2026	Provides liquidity options for the investor by enabling the resale of their shares into the public market.
Ownership Threshold Protection	Issuer must provide notice before repurchases that would cause Purchaser's ownership to exceed 9.9%, and Purchaser has the right to request a repurchase to prevent this.	September 11, 2026	Offers a mechanism to manage ownership levels and prevent unintended significant increases in stake.

Stakeholder Impact

Shareholders: Increased board representation for Conversant Capital may lead to strategic shifts that could impact shareholder value. The preemptive and registration rights benefit the investor but could affect future dilution for other shareholders.
Management: Increased investor oversight and participation in discussions regarding operations and strategy.
Board of Directors: The addition of a nominated director from Conversant Capital will alter board dynamics and decision-making processes.

Next Steps

The reporting persons will continue to monitor the Issuer's business and may engage in discussions with the board, management, and other investors.
The reporting persons reserve the right to adjust their investment in the Issuer through open market or private transactions.
Purchaser may exercise preemptive rights for future equity issuances.
Purchaser may request registration of its securities starting one year after the closing date.

Key Dates

Date	Description
2024-01-23	Date of Power of Attorney for Michael J. Simanovsky.
2026-07-19	Date of Subscription Agreement.
2026-07-20	Date of Issuer's Current Report on Form 8-K filing the Subscription Agreement as Exhibit 10.3.
2026-09-10	Date as of which outstanding shares of Class A common stock were disclosed in Issuer's Form 8-K.
2026-09-11	Date of Joint Filing Agreement.

Recommendation

hold

The filing indicates a significant investment and increased influence for Conversant Capital, including board representation and protective rights. However, it lacks specific operational or financial performance data for Vulcan Infrastructure and Power Inc. that would justify a buy or sell recommendation. The current information suggests a 'hold' as the strategic implications of the increased stake and board presence are yet to be fully realized.

Keywords

Schedule 13D, Vulcan Infrastructure and Power Inc., Conversant Capital LLC, Conversant PIF VIP Holdco LLC, Class A Common Stock, Private Placement, Board Appointment, Beneficial Ownership

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