Business
Soluna Holdings Announces Second Tranche of Debt Financing
February Site Level Financials to be Released on March 15th Reiterates 1 EH/s Ramp by End of March 2022 as Hashrate Continues to Scale ALBANY, NY, March 10,
About this update from Soluna Holdings, Inc.
[{"type":"text","content":" February Site Level Financials to be Released on March 15th Reiterates 1 EH/s Ramp by End of March 2022 as Hashrate Continues to Scale ALBANY, NY, March 10, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Soluna Holdings, Inc. (“SHI” or the “Company”) (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (\"SCI\"), a developer of green data centers for cryptocurrency mining and other intensive computing, today announced that it has issued the second tranche of its debt financing in an aggregate principal amount of $2.4 million. The Company also announced that it plans to release its February site level financials on March 15th. Michael Toporek, CEO of Soluna Holding,s stated, “We continue to execute on our growth trajectory and fund our capital planwhile minimizing dilution. We remain on schedule and are pleased to reiterate our plan to hit 1 EH/s by the end of March and over 3 EH/s in the fourth quarter. It is gratifying to see our revenues and earnings continuing to accelerate as planned.” On February 22, 2022, the Company issued to certain institutional lenders promissory notes in an aggregate principal amount of $7.5 million for an aggregate purchase price of $7.5 million. The Notes were issued as the first tranche of an aggregate financing of $20.0 million. The Company has now also issued to the Lenders a second tranche of promissory notes in an aggregate principal amount of $2.4 million for an aggregate purchase price of $2.4 million and plans to issue a third tranche of promissory notes in an aggregate principal amount of $10.0 million for an aggregate purchase price of $10.0 million along with Class D common stock purchase warrants to purchase up to an aggregate of 500,000 shares of common stock of the Company at an exercise price of $11.50 per share. The Warrants will be immediately exercisable for two years upon issuance, subject to applicable Nasdaq Stock Market LLC rules. The Warrants will only be issued if and when the third tranche notes are issued. SHI intends to use the net proceeds of the financing for the acquisition, development and growth of data centers, including cryptocurrency mining processors, other computer processing equipment, data storage, electrical infrastructure, software and real property, and business, and for working capital and general corporate purposes, which include, but are not limite...