Soluna Announces 1-for-25 Reverse Stock Split
October 12 2023 - 8:00AM
Business Wire
Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH),
the parent company of Soluna Computing, Inc. (“SCI”), announced
that it will execute a reverse stock split of its outstanding
shares of common stock at a ratio of 1-for-25. The reverse stock
split was approved by the Board of Directors and by shareholders at
the annual meeting of the stockholders on June 29, 2023. The
reverse stock split will become effective at 5:00 p.m. Eastern
Time, on October 13, 2023. The Company's common stock will begin
trading on a post-split basis at the market open on October 16,
2023, under the Company's existing trading symbol "SLNH".
At the effective time, every 25 issued and outstanding shares of
the Company’s common stock will be converted automatically into one
share of the Company’s common stock without any change in the par
value per share. Once effective, the reverse stock split will
reduce the number of shares of common stock issued and outstanding
from approximately 37.3 million to approximately 1.5 million.
The reverse stock split is part of the Company’s plan to regain
compliance with the $1.00 per share minimum closing price required
to maintain continued listing on NASDAQ.
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.’
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Sam Sova Founder and CEO SOVA Sam@teamsova.biz
Soluna (NASDAQ:SLNH)
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