Vulcan, a crypto mining company formerly known as Greenidge Generation, warned that it may face bankruptcy if a planned $39.4 million financing does not close before the October 31 maturity of $33.1 million senior notes. The company announced the financing in July, which would redeem the senior notes and provide proceeds through a private investment in public equity, or PIPE, and a $10 million convertible note from Machine Investment Group. As of August 16, the financing had not been completed, and no securities had been issued, leaving Vulcan with $3.197 million in cash and cash equivalents and $6.027 million in digital assets, for a combined $9.2 million, versus $33.1 million of note principal. A separate transaction in the second quarter reduced about $3.6 million of the notes, issuing roughly $1.4 million of notes due 2030 and 1,277,111 shares. The financing is subject to stockholder consent, Nasdaq listing approval, delivery of transaction documents and collateral, and must raise at least $30 million in gross proceeds by October 10, 21 days before the notes mature. If the PIPE does not close, Vulcan said it would need additional financing, a maturity extension, or other measures such as asset sales, which could lead to restructuring or bankruptcy protection. The company’s projected operating cash flow is insufficient to meet existing debt obligations, and the outcome will depend on whether the financing closes as scheduled.