Stronghold digital mining closes $10 million private placement and announces addition of 600 ph/s through the purchase of 5,000 microbt whatsminer m50 bitcoin miners

New york, april 21, 2023 (globe newswire) -- stronghold digital mining, inc. (nasdaq: sdig) (“stronghold”, or the “company”) today announced that it closed the previously announced securities purchase agreements with an institutional investor and the company's chairman and chief executive officer, greg beard (collectively the “purchasers”), and sold 9,000,000 shares of class a common stock and share equivalents to the institutional investor and 1,000,000 shares of class a common stock to mr. beard, in each case at a price of $1.00 per share equivalent (the “private placement”). the company also issued to the purchasers warrants to purchase an aggregate of 10,000,000 shares of class a common stock, with an initial exercise price of $1.10 per share (subject to adjustments), and such warrants are not exercisable until six months after issuance. in addition, the exercise price for the 5,602,409 warrants previously issued to the purchasers on september 19, 2022, will be adjusted from $1.75 per share to $1.01 per share.
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