Soluna Holdings, Inc. Announces Closing of $1.29 Million Public Offering of Series A Preferred Stock from Exercise of Over-Allotment Option
Soluna Holdings, Inc. (Nasdaq: SLNH) announced the closure of an over-allotment offering, which included an additional 73,518 shares of its 9.0% Series A Cumulative Perpetual Preferred Stock (symbol: SLNHP). The offering priced at $17.50 per share generated about $1.29 million in gross proceeds. The net proceeds will be allocated towards data center acquisition, cryptocurrency mining development, and general corporate purposes. The Series A Preferred Stock is perpetual with no maturity and may become redeemable after August 23, 2026, under certain circumstances.
- Generated approximately $1.29 million in additional gross proceeds through over-allotment offering.
- Net proceeds will support data center development, enhancing growth potential in cryptocurrency mining.
- Series A Preferred Stock has no maturity date, providing long-term capital stability.
- Issuance of additional shares may lead to shareholder dilution.
ALBANY, NY, May 24, 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, today announced that it closed an over-allotment offering for the issuance and sale of an additional 73,518 shares (the “Option Shares”) of its
The underwriters exercised their over-allotment option for the Option Shares at a price to the public of
The Series A Preferred Stock is listed on the Nasdaq Stock Market LLC under the symbol “SLNHP”.
SHI intends to use the net proceeds of such over-allotment 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 redeemable prior to August 23, 2026, except under certain circumstances. On or after August 23, 2026, the Series A Preferred Stock may be redeemed at the Company’s option, in whole or in part, from time to time, at a redemption price of
Univest Securities, LLC acted as the sole book running manager for this offering.
The over-allotment offering was conducted pursuant to a prospectus supplement to the base prospectus included in the Company's registration statement on Form S-3, as amended (File No. 333-261427), declared effective by the Securities and Exchange Commission (“SEC”) on December 16, 2021 (the “Registration Statement”). A preliminary and final prospectus supplement (collectively, the “Prospectus Supplements”) and accompanying base prospectus relating to the over-allotment offering and the April 2022 public offering have been filed with the SEC and are available on the SEC’s website at http://www.sec.gov. Electronic copies of such Prospectus Supplements and accompanying base prospectus relating to such offerings may be obtained from Univest Securities, LLC, 75 Rockefeller Plaza, Suite 1838, New York, NY 10019, by phone (212) 343-8888 or e-mail info@univest.us.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Option Shares, nor shall there be any sale of the Option Shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such shares under the securities laws of any such state or jurisdiction.
About Soluna Holdings, Inc.
Soluna Holdings, Inc. (“SHI”) (Nasdaq: SLNH) is the leading developer of green data centers that convert excess renewable energy into global computing resources. SHI builds modular, scalable data centers for computing intensive, batchable applications such as cryptocurrency mining, AI and machine learning. SHI provides a cost-effective alternative to battery storage or transmission lines. SHI uses technology and intentional design to solve complex, real-world challenges. Up to
For more information about SHI, please visit www.solunacomputing.com or follow us on LinkedIn at linkedin.com/solunaholdings and Twitter @SolunaHoldings.
Forward Looking Statements
The statements in this press release, including with respect to the over-allotment offering and use of proceeds from such offering, constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements reflect management’s current expectations, as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Actual results could differ materially from those expressed or implied by such forward-looking statements as a result of various factors, including, but not limited to: (1) those risk factors set forth in the Registration Statement and Prospectus Supplements; and (2) other risks and uncertainties that may be detailed from time to time in SHI’s reports filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements.
Investor Relations:
Kirin Smith, President
PCG Advisory, Inc.
646.823.8656
Ksmith@pcgadvisory.com
FAQ
What is the significance of Soluna's over-allotment offering on May 24, 2022?
What will the proceeds from Soluna's offering be used for?
What is the redemption policy for Soluna's Series A Preferred Stock?
How does the overall allotment affect shareholders of Soluna Holdings?
