Stronghold Digital Mining, Inc. - SDIG STOCK NEWS

Stronghold Digital Mining, Inc. announced a 1-for-10 reverse stock split to increase the per share market price of its Class A Common Stock and comply with Nasdaq's minimum bid price requirement. The split will be effective on May 15, 2023, and trading on a split-adjusted basis will begin on May 16, 2023. The company must maintain a closing bid price of at least $1.00 per share for 10 consecutive business days by May 30, 2023, to meet the requirement.

Stronghold Digital Mining, Inc. announces financial and operational results for Q1 2023, including accelerated hash rate guidance and completed private placement. The company expects to achieve a hash rate capacity of 4 EH/s by Q3 2023. They have also achieved a net cost of power of $45 to $50 per MWh in March 2023.

Stronghold Digital Mining, Inc. has entered into a new two-year hosting agreement with Cantaloupe Digital LLC, a subsidiary of Canaan, Inc. The agreement will increase the delivered hash rate capacity to 3.6 EH/s by June 2023. Stronghold will operate 2,000 A1346 and 2,000 A1246 Bitcoin miners supplied by Canaan, with a total hash rate capacity of 400 PH/s. Stronghold will receive 50% of the Bitcoin mined and payments from Canaan equal to 55% of the net cost of power. The A1246 miners will be installed by May 15, 2023, and the A1346 miners by June 15, 2023.

Stronghold Digital Mining (NASDAQ: SDIG) announced the closure of a securities purchase agreement, selling 10 million shares of Class A Common Stock at $1.00 per share, generating $10 million in gross proceeds. This Private Placement, closed on April 21, 2023, included the issuance of warrants to purchase an aggregate of 10 million shares at an initial exercise price of $1.10. Additionally, Stronghold is acquiring 5,000 MicroBT Whatsminer M50 miners, increasing its hash rate capacity by over 20%. The miners, expected to be operational in May, are estimated to significantly enhance revenue potential with a projected recovery of investment within a year. CEO Greg Beard emphasized the strategic shift towards investing in growth rather than meeting creditor demands, asserting a strong outlook for the company’s operational capacity.

Stronghold Digital Mining (NASDAQ: SDIG) announced a private placement to sell 10 million shares of Class A Common Stock at $1.00 each, totaling $10 million in gross proceeds. The shares are being offered to an institutional investor and company CEO Greg Beard, who will acquire 1 million shares. The deal includes warrants that allow the purchase of an additional 10 million shares at $1.10 after six months. Proceeds will be directed towards acquiring more Bitcoin miners. A registration rights agreement will restrict the company from making equity issuances for 30 days post-registration effectiveness.

Stronghold operates Bitcoin mining facilities that utilize environmentally beneficial power generation methods. The press release emphasizes the company's strategies in scaling its operations in the Bitcoin mining sector.

Stronghold Digital Mining reported its Q4 2022 results, highlighting revenue of $23.4 million and a net loss of $47.4 million. The company has enhanced liquidity, with about $8.8 million in cash and 39 Bitcoin. Notably, they entered an Amended Credit Agreement for improved financial flexibility and exchanged Convertible Notes for preferred stock, cutting debt by approximately $16.9 million. Bitcoin production fell 21% to 447 Bitcoin due to fleet reductions. A two-year hosting agreement with Foundry aims to optimize mining capacity, projecting a hash rate of 4 EH/s by the end of 2023.

Stronghold Digital Mining (NASDAQ: SDIG) released its financial results for Q4 2022, reporting an estimated revenue of $23 million and a net loss of $48 million. The revenue included $14 million from energy sales, $8 million from cryptocurrency mining, and $1 million from capacity sales. The company curtailed Bitcoin mining to support the PJM grid during a state of emergency in late December 2022. Stronghold anticipates achieving a net cost of power of $45-50 per megawatt hour in Q1 2023 and aims to increase its sales of beneficial ash to at least $1 million for the year. The company reports no exposure to major cryptocurrency-related banks or firms.

Stronghold Digital Mining, Inc. (NASDAQ: SDIG) will hold a conference call on March 29, 2023, at 11:00 a.m. ET to discuss its fourth quarter and full year 2022 financial results. A press release with detailed results will be issued before market opening on the same day. Following the prepared remarks, management will conduct a Q&A session. The call will be accessible via a live webcast on the Company's Investor Relations page. Stronghold focuses on sustainable Bitcoin mining, operating its facilities at the Scrubgrass and Panther Creek Plants in Pennsylvania, which utilize coal refuse for power generation.