Support.com Inc. (SPRT stock) shares plunged 9.96% in the premarket trading session to trade at $3.93 at the last check. SPRT stock shed -13.21% to close previous session at $4.27. The SPRT stock is currently valued in the market at $93.30 million and has outstanding shares at 20.20 million.
All you need to know about Support.com
Support.com is a software company that specifically focuses on providing support solutions related to software technicalities as well as customer support. This company has a unique operational model where the employees work based from their home and primarily in the United States. The business model of the company consists of outsourcing its services related to the platform of cloud-based technology platforms and customer support. These outsourced services of the SPRT stock draw a client-base of vertical company clients including media, communication, retail, technology and healthcare that consist of voice, chat and self-service type omnichannel programs. The company also provides its outsourced tech support through a subscription option service that is directly applicable to consumers as well as small businesses. This tech support ranges from the medium and channel of smartphones, computers and other connected devices. It additionally gives SUPERAntiSpyware programming, a malware assurance and expulsion programming software; Guided Paths, which contains bit by bit self-support guides, with special focus to help clients settle issues; and service delivery management tools for tech-support, incorporates Support.com cloud-based programming capacities and other contact community applications, for example, client relationship management, guides for installment, and communication, which are coordinated into applications for its contact center trained professionals. The organization offers its types of assistance through partners, and through its site at www.support.com. Support.com, Inc. was consolidated in 1997 and is settled in Wilmington, Delaware.
What is causing the lawsuit filing and investigations on Support.com?
Support.com and SPRT stock has been flagged for the past 3 months by class-action lawsuits regarding investigation into the merger that Support.com was a part of. This merger included the acquisition of Support.com by Greenidge Generation Holdings Inc. which is a bitcoin mining company. This merger announcement took place on 22nd March 2021 – on a Monday which caused the trading volume of the SPRT stock to triple on the same day. This trading volume was a 7-year high massive jump to 282.6 million and the stock surged to the moon by a triple digit increase of 231.8% since September 2014.
This deal allows Greeindge to expect to become the first ever publically traded bitcoin mining company which will have a fully functional and wholly owned power plant. However SPRT stock is trading today at around 4.6 million and has shed -13.21% in stock price due to the investigation into the merger. The investigation seeks to find if the deal truly was done in the favor of shareholders and whether it breached any federal securities law or fiduciary duties.
The operations of Support.com remain undeterred
However this has not disrupted business expansion and operational growth of the company as it continues to make transformation adhering to the merger. The company announced on 4th June 2021 that it will be now accepting Bitcoin as payment since it has now launched an On-Demand fintech and cryptocurrency customer support. This is an exceptional and rare niche to enter into the cryptocurrency space since the market is mainly concentrated in the bitcoin mining space which will require complementary crypto and fintech-services for administrative and operational services.
