MKTY - Soluna Holdings Inc. Announces Initial Dividend for Series A Preferred Stock
Albany, New York - (NewMediaWire) - December 07, 2021 - Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH),formerly Mechanical Technology, Inc., the parent company of Soluna Computing,Inc. (“SCI”), a cryptocurrency mining business powered by renewable energy, andMTI Instruments, Inc. (“MTI Instruments”), a test and measurement instrumentsand systems business, today announced that its Board of Directors has declaredthe regular monthly dividend on its shares of 9.0% Series A CumulativePerpetual Preferred Stock, par value $0.001 per share (the “Series A PreferredStock”). The dividend will be payable on or about December 31, 2021, to holdersof the Series A Preferred Stock of record as of the close of business onDecember 17, 2021, for the month ended December 31, 2021. Future dividends onthe Series A Preferred Stock will be payable when, as and if declared by theBoard of Directors monthly in arrears on the final day of each month or thenext business day at an annual rate of 9.0% of the $25.00 liquidationpreference per share.
The SeriesA Preferred Stock trade on the Nasdaq Stock Market LLC under the symbol“SLNHP”.
About SHI
SHI is theparent company of MTI Instruments, Inc. and SCI. Through SCI, SHI developscryptocurrency mining facilities powered by renewable energy that integratewith the blockchain network. Through MTI Instruments, SHI is engaged in thedesign, manufacture and sale of test and measurement instruments and systemsthat use a comprehensive array of technologies to solve complex, real-worldapplications in numerous industries. Those include manufacturing, electronics,semiconductor, solar, commercial and military aviation, automotive and datastorage. For more information about SHI, please visit https://www.solunacomputing.com.
Forward Looking Statements
Thestatements in this press release with respect to the payment of dividends onthe Series A Preferred Stock constitute forward-looking statements within themeaning of the federal securities laws. Forward-looking statements reflectmanagement’s current expectations, as of the date of this press release, andare subject to certain risks and uncertainties that could cause actual resultsto differ materially from future results expressed or implied by suchforward-looking statements. Actual results could differ materially from thoseexpressed or implied by such forward-looking statements as a result of variousfactors, including, but not limited to: (1) those risk factors set forth in theCompany’s Registration Statement on Form S-1 (File No. 333-257300), as amended;and (2) other risks and uncertainties that may be detailed from time to time inSHI’s reports filed with the SEC. Readers are cautioned not to place unduereliance on these forward-looking statements, which speak only as of the datemade. Except as required by law, the Company assumes no obligation to update orrevise any forward-looking statements.
ContactInformation:
LisaBrennan
lbrennan@mtiinstruments.com
InvestorRelations:
KirinSmith, President
PCG Advisory, Inc.
646.823.8656
Ksmith@pcgadvisory.com