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Soluna Holdings, Inc. Extends Maturity of Convertible Notes
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Rhea-AI Sentiment
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Rhea-AI Summary
Soluna Holdings, Inc. (NASDAQ: SLNH) has announced an agreement to extend the maturity of its convertible notes to May 25, 2023. The company is currently negotiating terms for a longer-term extension. CEO Michael Toporek expressed gratitude towards the note holders for their cooperation, emphasizing the importance of this extension for the company’s continued success. The press release indicates that final terms are still being discussed, and further announcements will follow once an agreement is reached. Soluna specializes in developing green data centers, converting excess renewable energy into computing resources for applications like Bitcoin mining, AI, and machine learning.
Positive
Agreement to extend convertible notes maturity allows for negotiation of longer-term extension.
CEO emphasizes the importance of cooperation with note holders for business success.
Focus on developing green data centers positions Soluna as a leader in renewable energy utilization.
Negative
None.
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 an agreement with the holders of its convertible notes to extend the maturity of the notes to May 25, 2023 while they negotiate the terms of a longer term extension.
The long term extension discussions are currently under way and the Company will make an announcement when a final agreement is reached.
Michael Toporek, CEO of Soluna Holdings, commented, “I would like to thank the convertible note holders for cooperatively working to extend the maturity of the loan to assure the continued success of the business.”
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.’
What is the recent announcement from Soluna Holdings regarding its convertible notes?
Soluna Holdings announced an extension of the maturity of its convertible notes to May 25, 2023, while negotiating a longer-term agreement.
How does Soluna Holdings plan to utilize its renewable energy resources?
Soluna Holdings develops green data centers that convert excess renewable energy into computing resources for Bitcoin mining and other applications.
Who is the CEO of Soluna Holdings and what did he say about the convertible notes?
CEO Michael Toporek thanked the convertible note holders for their cooperation in extending the loan’s maturity, which is vital for the business's success.
What is the significance of the note maturity extension for Soluna Holdings?
The extension provides Soluna Holdings essential time to negotiate longer-term terms for its convertible notes, potentially stabilizing its financial position.
