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Why Support.com Inc. (SPRT) stock faced headwinds on Monday?

BDR Stock

BDR Stock

Support.com Inc. (SPRT) shares gained 0.28% in after-hours on Monday, June 21, 2021, and closed the day at $3.53 per share. Earlier, in the morning session, SPRT’s stock lost 12.44% to close the session at $3.52 per share. SPRT shares have risen 137.84% over the last 12 months, and they have moved down 17.56% in the past week. Over the past three months, the stock has lost 50.42%, while over the past six months, it has declined 68.42%. Further, the company has a current market of $86.35 million and its outstanding shares stood at 20.20 million.

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New On-DemandFintech & CryptocurrencyCustomer Support

On June 3, 2021, Support.com, Inc announced new reliable and 24/7 on-demand customer support for emerging fintech leaders, cryptocurrency and NFT platforms, exchanges, and wallet OEMs.


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The new service will solve customer and technical support issues and provide education around cryptocurrency and financial services.

Recent financial results announcement

On May 13, 2021, Support.com, Inc released its unaudited financial results for its first quarter ended March 31, 2021.

Q1 2021 financial highlights

Support.com facing legal actions on its merger agreement

Support.com has to face several lawsuits and class actions filed by many reputable law firms against the merger of support.com and Greenidge Generation Holdings Inc.

On March 22, 2021, Support.com and Greenidge Generation Holdings Inc. entered into an agreement in which Support.com was acquired by Greenidge in a merger transaction.

Q4 and FY 2020 financial results announcement

On March 30, 2021, Support.com, Inc released its unaudited financial results for its fourth quarter and year ended December 31, 2020.

Q4 2020 financial highlights

Conclusion

There is no recent news to justify its negative start on Monday and later SPRT minor recovery in the after-hours. The company is facing some legal issues over its merger which could be the reason behind its mixed performance on Monday.

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