Business
Soluna Holdings, Inc. Announces Closing of $1.17 Million Public Offering of Series A Preferred Stock from Full Exercise of Over-Allotment Option
ALBANY, N.Y., Jan. 05, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of
About this update from Soluna Holdings, Inc.
[{"type":"text","content":"ALBANY, N.Y., Jan. 05, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (\"SCI\"), a cryptocurrency mining business powered by renewable energy, and MTI Instruments, Inc. (\"MTI Instruments\"), a test and measurement instruments and systems business, today announced that it closed an over-allotment offering for the issuance and sale of an additional 66,857 shares (the “Option Shares”) of its 9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share (“Series A Preferred Stock”), to the underwriters for its previously announced public offering of Series A Preferred Stock. The underwriters fully exercised such over-allotment option for such additional shares of Series A Preferred Stock at a price to the public of $17.50 per share, resulting in additional gross proceeds of approximately $1.17 million, less applicable underwriter discounts and estimated offering expenses. The first dividend on such shares of Series A Preferred Stock will be paid on January 31, 2022, which will include a period of less than a full month after the issuance of such shares of Series A Preferred Stock and will cover the period from January 5, 2022 through January 31, 2022. The Series A Preferred Stock is listed on the Nasdaq Stock Market LLC under the symbol “SLNHP”. SHI intends to use the net proceeds of the offering 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 limited to, operating expenses. The Series A Preferred Stock is perpetual and has no maturity date. The Series A Preferred Stock is not redeemable prior to August 23, 2026, except under certain circumstances. On or after August 23, 2026, the Series A Preferred Stock may be redeemed at the Company’s option, in whole or in part, from time to time, at a redemption price of $25.00 per share of Series A Preferred Stock, plus all dividends accumulated and unpaid (whether or not declared) on the Series A Preferred Stock up to, but not including, the date of such redemption. The Series A Preferred Stock may also be redeemed...