Soluna Holdings, Inc. Announces Initial Dividend for Series A Preferred Stock

Rhea-AI Summary

Soluna Holdings, Inc. (SLNH) has declared a monthly dividend of 9.0% on its Series A Cumulative Perpetual Preferred Stock, with a payable date of December 31, 2021. Shareholders of record by December 17, 2021, will receive dividends based on a $25.00 liquidation preference. This announcement indicates SHI's commitment to providing returns to investors while focusing on renewable energy-powered cryptocurrency mining.

Positive

• Monthly dividend of 9.0% on Series A Preferred Stock enhances shareholder income.
• Commitment to renewable energy in the cryptocurrency mining sector strengthens corporate responsibility.

Negative

• None.

ALBANY, NY, Dec. 07, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), formerly Mechanical Technology, Inc., the parent company of Soluna Computing, Inc. (“SCI”), a cryptocurrency mining business powered by renewable energy, and MTI Instruments, Inc. (“MTI Instruments”), a test and measurement instruments and systems business, today announced that its Board of Directors has declared the regular monthly dividend on its shares of 9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share (the “Series A Preferred Stock”). The dividend will be payable on or about December 31, 2021, to holders of the Series A Preferred Stock of record as of the close of business on December 17, 2021, for the month ended December 31, 2021. Future dividends on the Series A Preferred Stock will be payable when, as and if declared by the Board of Directors monthly in arrears on the final day of each month or the next business day at an annual rate of 9.0% of the $25.00 liquidation preference per share.

The Series A Preferred Stock trade on the Nasdaq Stock Market LLC under the symbol “SLNHP”. 

About SHI

SHI is the parent company of MTI Instruments, Inc. and SCI. Through SCI, SHI develops cryptocurrency mining facilities powered by renewable energy that integrate with the blockchain network. Through MTI Instruments, SHI is engaged in the design, manufacture and sale of test and measurement instruments and systems that use a comprehensive array of technologies to solve complex, real-world applications in numerous industries. Those include manufacturing, electronics, semiconductor, solar, commercial and military aviation, automotive and data storage. For more information about SHI, please visit https://www.solunacomputing.com.

Forward Looking Statements

The statements in this press release with respect to the payment of dividends on the Series A Preferred Stock 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 Company’s Registration Statement on Form S-1 (File No. 333-257300), as amended; 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.

Contact Information:

Lisa Brennan 
lbrennan@mtiinstruments.com

Investor Relations:

Kirin Smith, President 
PCG Advisory, Inc.
646.823.8656
Ksmith@pcgadvisory.com

FAQ

What is the dividend amount declared by Soluna Holdings for December 2021?

The declared dividend for December 2021 is 9.0% on the Series A Cumulative Perpetual Preferred Stock.

When is the dividend for SLNHP payable?

The dividend will be payable on or about December 31, 2021.

What is the record date for the dividend payment by Soluna Holdings?

The record date for the dividend payment is December 17, 2021.

How often does Soluna Holdings pay dividends?

Soluna Holdings pays dividends monthly on its Series A Preferred Stock.