Soluna Holdings, Inc. Announces Closing of $1.29 Million Public Offering of Series A Preferred Stock from Exercise of Over-Allotment Option
May 24 2022 - 4:20PM
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 9.0% Series A
Cumulative Perpetual Preferred Stock, par value $0.001 per share
(“Series A Preferred Stock”), to the underwriters for its
previously announced public offering of Series A Preferred Stock
that closed on April 29, 2022.
The underwriters exercised their over-allotment option for the
Option Shares at a price to the public of $17.50 per share,
resulting in additional gross proceeds of approximately $1.29
million, less applicable underwriter discounts and estimated
offering expenses.
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 $25.00 per share of Series A Preferred Stock,
plus all dividends accumulated and unpaid (whether or not declared)
on the Series A Preferred Stock up to, but not including, the date
of such redemption. The Series A Preferred Stock may also be
redeemed upon the occurrence of certain delisting or change in
control events.
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 30% of the
power of renewable energy projects can go to waste. SHI’s data
centers enable clean electricity asset owners to ‘Sell. Every.
Megawatt.’
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.646.823.8656Ksmith@pcgadvisory.com
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