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Soluna Holdings, Inc. Announces Proposed Public Offering of Series A Preferred Stock and Concurrent Registered Direct Offering
NEW YORK, NY, April 21, 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 21, 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 that it intends to offer 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”), in an underwritten public offering. Concurrently with the public offering and by means of a separate prospectus supplement, the Company intends to offer shares of its Series A Preferred Stock directly to certain institutional lenders in a registered direct offering. All of the shares of Series A Preferred Stock in both offerings are being 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 expects to grant the underwriters a 45-day option to purchase up to an additional 15% of the shares of Series A Preferred Stock offered in the public offering at the public offering price, less underwriting discounts and commissions, to cover over-allotments, if any. Both offerings are subject to market and other conditions, and there can be no assurance as to whether or when the offerings may be completed, or as to the actual size or terms of the offerings. SHI intends to use the net proceeds from both offerings 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. Univest Securities, LLC is acting as the sole book-running manager for the underwritten public offering. The registered direct offering is being made without an underwriter, placement agent, broker, or dealer. The shares of Series A Preferred Stock described above are being offered by the Company pursuant to a shelf registration statement on Form S-3, as amended (No. 333-261427), declared effective by the SEC on December 16, 2021 (the “Registration Statement”). The shares of Series A Preferred...