Not long ago, there’s wasn’t much to say about remote helpdesk provider Support.com (NASDAQ:SPRT). To be honest, SPRT stock largely flew under the radar with a relatively low daily trading volume.

That definitely changed in 2021. As we’ll see, meme stock mania took over this year and suddenly, Support.com was thrust into the spotlight.

Now, it’s one of the most talked-about names among traders on social media. Plus, the stock is a serious mover nowadays: on September 8, SPRT stock rose 20% — and that’s not the biggest price spike I’ve seen.

So, why is Support.com getting so much attention? Evidently, there’s a major catalyst coming up very soon — though the hype surrounding that event might lead to disappointment for overenthusiastic investors.

A Closer Look at SPRT Stock

SPRT stock made a round trip during 2021’s first half, with lots of thrills and chills. It started out at $2 and change during the first couple of months of the year, but then things got wild and crazy.

In March, without warning, the share price suddenly launched above $7. It’s entirely possible (though difficult to prove) that the Reddit short-squeeze mob was involved in that rally.

The vertical price move wasn’t sustainable, apparently, as SPRT stock declined all the way down to $2 and change by May. Yet, that wasn’t the end of the story.

Buyers went absolutely bonkers in August, sending the share price up to $59.69 by the end of the month.

Early September provided a harsh pullback however, as the stock declined into the $20’s. Easy come, easy go.

Perhaps some folks learned an important lesson about chasing stocks after parabolic price moves.

After the 20% price surge on September 8 though, somehow I expect the trading community to continue its obsession with SPRT stock.

A Hail Mary Pass

Before we delve into recent events everybody and their uncle is talking about, I’m going to briefly torment the bulls with a recap of Support.com’s second-quarter financial results.

The company posted total revenues of $8.5 million, signifying a year-over-year decrease of 23%. Support.com also reported a net earnings loss of $0.8 million (-3 cents per share). That compared unfavorably to the net earnings gain of $0.6 million (+3 cents per share) from the year-ago quarter.

Additionally, the company recorded $3 million of gross profits, thereby underperforming the $3.9 million noted in 2020’s second quarter.

With all of that out of the way, I’m now going to steal a phrase from InvestorPlace contributor Will Ashworth (I hope he’ll forgive me someday).

Ashworth called the upcoming merger with Greenidge Generation Holdings an “excellent Hail Mary.” However, he conceded that he doesn’t know whether it will work or not.

Maybe It Will, Maybe It Won’t

I don’t believe that Ashworth is referring to whether the shareholders will approve the merger deal.

The deal requires the approval of more than 50% of SPRT stock owners. To me, at least this seems an easy hurdle to clear.

To understand it all, let’s go back half a year. In March, Support.com revealed that it had entered into a definitive merger agreement with Greenidge, “expected to close in Q3 2021.”

So now, here we are: the shareholder meeting is scheduled for Sept. 10.

Plus there’s a cryptocurrency connection here as “Greenidge is expected to be the only vertically integrated U.S. publicly listed bitcoin mining operation – it owns its own power plant.”

Wonderful, terrific. But before you try to front-run the share-price rally that you think is about to happen, keep one thing in mind.

Everybody knows about this already. It’s been priced into the stock.

Don’t Do It

My suggestion is, don’t try to be more clever than Wall Street.

SPRT stock has already gone up hundreds of percentage points, in anticipation of the Greenidge merger.

After the “buy the rumor” phase peters out, the only resolution I can envision is a “sell the news” phase.

You probably don’t want to be involved in that. Let the merger deal go through, watch it from the sidelines, and consider a long position if the SPRT stock price falls far enough.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

David Moadel has provided compelling content – and crossed the occasional line – on behalf of Crush the Street, Market Realist, TalkMarkets, Finom Group, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.