Business
Soluna Holdings, Inc. Announces Closing of $7.8 Million Series A Preferred Stock Offering
ALBANY, N.Y., Dec. 28, 2021 (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., Dec. 28, 2021 (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 the closing of its underwritten public offering of 445,714 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 price to the public of $17.50 per share. The Company received aggregate gross proceeds of $7.8 million, before deducting underwriting discounts and other estimated offering fees and expenses. The offering is a re-opening of the original issuance of Series A Preferred Stock, which occurred on August 23, 2021. The additional shares of Series A Preferred Stock will form a single series, and be fully fungible, with the outstanding shares of our Series A Preferred Stock. The first dividend on the Series A Preferred Stock offered pursuant to the offering will be paid on January 31, 2022, which will include a period of less than a full month after the issuance of the Series A Preferred Stock and will cover the period from December 28, 2021 through January 31, 2022. The Series A Preferred Stock are listed on the Nasdaq Stock Market LLC under the symbol “SLNHP”. The Company has granted the underwriters a 45-day option to purchase up to an additional 66,857 shares of the Series A Preferred Stock (representing 15% of the shares of the Series A Preferred Stock being sold in the offering) to cover over-allotments, if any. The underwriters may exercise this option at any time and from time to time during the 45-day period from the closing of the offering. 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 r...