Home > Boards > US Listed > Cryptocurrency Industry > Soluna Holdings Inc (SLNH)
Followed By 37
Posts 4394
Boards Moderated 3
Alias Born 08/05/2002

Monday, February 28, 2022 12:51:43 PM

Re: None

Post# of 366
Soluna Holdings Announces Debt Financing
February 28 2022 - 09:29AM
GlobeNewswire Inc.

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 a debt financing.
Michael Toporek, CEO of Soluna Holdings, stated, “This financing continues our commitment to fund our capital planand minimize dilution to our common equity holders."

On February 22, 2022, the Company issued to certain institutional lenders promissory notes in an aggregate principal amount of $7.5 million for an aggregate purchase price of $7.5 million. The Notes were issued as the first tranche of an aggregate financing of $20.0 million. The Company expects to issue to the Lenders a second tranche of promissory notes in an aggregate principal amount of $2.5 million for an aggregate purchase price of $2.5 million and a third tranche of promissory notes in an aggregate principal amount of $10.0 million for an aggregate purchase price of $10.0 million along with Class D common stock purchase warrants to purchase up to an aggregate of 500,000 shares of common stock of the Company at an exercise price of $11.50 per share. The Warrants will be immediately exercisable for two years upon issuance, subject to applicable Nasdaq Stock Market LLC rules. The Warrants will only be issued if and when the third tranche notes are issued.

SHI intends to use the net proceeds of the financing 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 First Tranche Notes have a maturity date of February 22, 2027 and the Second Tranche Notes and Third Tranche will have a maturity date five years from the date of issuance upon which dates the Notes shall be payable in full, and accrue interest at a rate of 2% per annum. The Notes may be repaid, at the Lender’s sole election, either at the applicable Maturity Date or upon the first business day of each month that the Company keeps open a private offering of its shares of the Company’s 9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share (the “Series A Preferred Stock”) by presenting its Note in whole or in part as legal tender to purchase such shares of Series A Preferred Stock at a price per share of Series A Preferred Stock on the date immediately preceding the closing of such subscription, provided that if the Notes are not repaid by May 2, 2022, the Notes shall automatically be subscribed for shares of the Series A Preferred Stock. The Notes may be prepaid or redeemed upon written notice to the other party.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Recent SLNH News

Kona Gold Beverage, Inc Expands Sales Team KGKG Aug 8, 2022 9:00 AM

The Power of Science to Stop a Killer NVS Aug 8, 2022 8:45 AM

Mru Patel Appointed Non-Executive Director of Axis Technologies Group, Inc. AXTG Aug 5, 2022 9:00 AM

HealthLynked to Premier "Forever: The End of Aging" Medical Documentary atCMX CinéBistro Theater in Naples, Florida on August 28th HLYK Aug 5, 2022 8:00 AM

Progressive Care Announces Shareholder Conference Call and Business Update on August 11, 2022 RXMD Aug 5, 2022 7:15 AM

IGEN announces Net Profit for Second Quarter 2022 IGEN Aug 5, 2022 7:08 AM

Kaya Holdings to Seek Licenses for First Ever State Legal Psilocybin Manufacturing and Facilitation Service Centers in Oregon KAYS Aug 4, 2022 12:44 PM

American Rebel Holdings Completes Acquisition of Champion Safe Company, Solidifying A Leading Position in Safe Industry AREBW Aug 4, 2022 10:27 AM

OTC: ILUS, ILUS International (Ilustrato Pictures International Inc), Summarizes Its Second Quarter of 2022 Results, Including a 588% Revenue Increase Over the Same Period in 2021 ILUS Aug 4, 2022 10:19 AM

New Intranet- and Cloud-based Monitoring and Management Interface Enhances ResGreen's BotWay Software RGGI Aug 3, 2022 10:53 AM

Todos Medical Initiates Validation Plan for PCR-based MonkeyPox Test at CLIA/CAP Clinical Testing Laboratory Provista Diagnostics TOMDF Aug 3, 2022 9:48 AM


PSYC Corp's Psychedelic Spotlight Surpasses One Million Page Views for Third Consecutive Month PSYC Aug 3, 2022 8:30 AM

Sigyn Therapeutics to Commence Trading on the OTCQB® Venture Exchange SIGY Aug 3, 2022 7:07 AM

SmallCapsDaily: Mill City Ventures Outperforms in the Specialty Finance Space MCVT Aug 2, 2022 11:27 AM

Day Range:
Last Trade Time:
Total Trades:
  • 1D
  • 1M
  • 2M
  • 3M
  • 6M
  • 1Y
  • 2Y
  • 3Y
  • 5Y