Vulcan, formerly Greenidge Generation, has warned it could face bankruptcy if a $39.4 million financing deal does not close before October 31, when $33.1 million in senior notes mature. As of June 30, the company held only $9.2 million in liquidity ($3.2 million in cash and $6 million in digital assets) against $33.1 million in note principal due. The private investment in public equity (PIPE) is expected to raise approximately $29.3 million through the sale of 17,146,190 shares at $1.71 each, plus a $10 million convertible note from Machine Investment Group. The October 10 outside date for closing the PIPE falls 21 days before the notes mature, leaving the planned debt reduction contingent on the transaction finalizing. If the PIPE fails to close, Vulcan said it would need another financing source, a maturity extension, restructuring, or asset disposals, or face default and potential bankruptcy protection.
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