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Soluna Holdings, Inc. Announces Closing of $1.29 Million Public Offering of Series A Preferred Stock from Exercise of Over-Allotment Option
ALBANY, NY, May 24, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Soluna Holdings, Inc. (“SHI” or the “Company”) (Nasdaq: SLNH), the parent company of Soluna
About this update from Soluna Holdings, Inc.
[{"type":"text","content":"ALBANY, NY, May 24, 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 closed an over-allotment offering for the issuance and sale of an additional 73,518 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 that closed on April 29, 2022. The underwriters exercised their over-allotment option for the Option Shares at a price to the public of $17.50 per share, resulting in additional gross proceeds of approximately $1.29 million, less applicable underwriter discounts and estimated offering expenses. 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 such over-allotment 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 upon the occurrence of certain delisting or change in control events. Univest Securities, LLC acted as the sole book running manager for this offering. The over-allotment offering was conducted pursuant to a prospectus supplement to the base prospectus included in the Company's registration statement on Form S-3, as amended (File No. 333-261427), declared ...