Soluna Back in Good Standing with all Convertible Noteholders

Rhea-AI Summary

Soluna Holdings, Inc. (SLNH) has announced that its Convertible Noteholders waived defaults related to outstanding notes issued in 2021 and amended through 2022. This waiver is part of a $7.5 million financing arrangement for Project Dorothy, completed on March 10, 2023. CEO Michael Toporek expressed optimism about the cooperative relationship with noteholders, which supports the company's growth plans. The announcement includes a Safe Harbor Statement indicating forward-looking statements concerning future expectations and plans for the company.

Positive

• Convertible Noteholders waived all outstanding defaults on notes issued on October 25, 2021, and amended in 2022.
• Completion of $7.5 million financing for Project Dorothy supports growth initiatives.

Negative

• None.

Company Receives Waiver on December Defaults

ALBANY, N.Y.--(BUSINESS WIRE)-- Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for Bitcoin mining and other intensive computing, announced today that its Convertible Noteholders have waived defaults as part of the March 10, 2023 closing of the $7.5 million financing for Project Dorothy.

Under this agreement the Convertible Noteholders have waived all outstanding defaults under the original notes issued on October 25, 2021 and amended on July 19, 2022 and September 12, 2022 dates.

Michael Toporek, CEO of Soluna Holdings, commented, “This continues the history of the Convertible Noteholders cooperatively partnering with the Company to execute its growth plans.”

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Soluna Holdings, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and Soluna Holdings, Inc. undertakes no duty to update such information, except as required under applicable law.

About Soluna Holdings, Inc (SLNH)

Soluna Holdings, Inc. is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for computing intensive, batchable applications such as Bitcoin mining, AI, and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna uses technology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can go to waste. Soluna’s data centers enable clean electricity asset owners to ‘Sell. Every. Megawatt.’

View source version on businesswire.com: https://www.businesswire.com/news/home/20230316005453/en/

Michael Toporek

CEO

Soluna Holdings, Inc.

hello@soluna.io

Source: Soluna Holdings, Inc.

FAQ

What recent financial development occurred for Soluna Holdings, Inc. (SLNH)?

Soluna Holdings' Convertible Noteholders waived defaults related to outstanding notes as part of a $7.5 million financing for Project Dorothy.

When did the waiver of defaults by Convertible Noteholders for SLNH occur?

The waiver occurred as part of the $7.5 million financing agreement closed on March 10, 2023.

What does the waiver of defaults mean for Soluna Holdings, Inc. (SLNH)?

The waiver allows SLNH to continue its business operations without the burden of defaults on previous notes, supporting its growth plans.

Who is the CEO of Soluna Holdings, Inc. (SLNH)?

The CEO of Soluna Holdings is Michael Toporek.