Business
Soluna Holdings, Inc. Announces Closing of $29.2 Million Underwritten Public Offering of Series A Preferred Stock and Concurrent Registered Direct Offering
NEW YORK, NY, April 29, 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":"NEW YORK, NY, April 29, 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, announced today the closing of its underwritten public offering of 525,714 shares of its 9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share, with a $25.00 liquidation preference per share (the “Series A Preferred Stock”), at a public offering price of $17.50 per share. In addition, the Company also announced the closing of its concurrent registered direct offering to certain institutional lenders of 1,142,857 shares of Series A Preferred Stock, at an offering price of $17.50 per share, the same price as the public offering price of the shares of Series A Preferred Stock in the underwritten public offering. The Company issued an aggregate of approximately $29.2 million of shares of Series A Preferred Stock in connection with the concurrent offerings, and an aggregate principal amount of $20 million of outstanding promissory notes of the Company held by the institutional lenders was extinguished upon the issuance of the shares of Series A Preferred Stock to such lenders in the registered direct offering. The Company received aggregate gross proceeds of approximately $9.2 million from the underwritten public offering, before deducting underwriting discounts and other estimated offering fees and expenses. All of the shares of Series A Preferred Stock in both offerings were offered by the Company. The Series A Preferred Stock is traded on the Nasdaq Stock Market LLC under the symbol “SLNHP”. In connection with the underwritten public offering, SHI granted the underwriters a 45-day option to purchase up to an additional 78,857 shares of Series A Preferred Stock offered in the public offering at the public offering price of $17.50 per share, less underwriting discounts and commissions, to cover over-allotments, if any. SHI intends to use the net proceeds from the public 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...