Soluna holdings, inc. announces closing of $7.8 million series a preferred stock offering

Albany, n.y., dec. 28, 2021 (globe newswire) -- via newmediawire -- soluna holdings, inc. (“shi” or the “company”), (nasdaq: slnh), 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 the closing of its underwritten public offering of 445,714 shares of its 9.0% series a cumulative perpetual preferred stock, par value $0.001 per share, with a $25.00 liquidation preference per share (the “series a preferred stock”), at a price to the public of $17.50 per share. the company received aggregate gross proceeds of $7.8 million, before deducting underwriting discounts and other estimated offering fees and expenses. the offering is a re-opening of the original issuance of series a preferred stock, which occurred on august 23, 2021. the additional shares of series a preferred stock will form a single series, and be fully fungible, with the outstanding shares of our series a preferred stock. the first dividend on the series a preferred stock offered pursuant to the offering will be paid on january 31, 2022, which will include a period of less than a full month after the issuance of the series a preferred stock and will cover the period from december 28, 2021 through january 31, 2022.
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