SLNH - Soluna Holdings obtains 14 month extension on convertible notes

2023-05-12 08:29:45 ET

• Soluna Holdings ( NASDAQ: SLNH ) has announced an agreement with the holders of its convertible notes to extend the maturity of the notes to July 25, 2024.
• As consideration for the extension, the Co. agreed to pay an extension fee of $0.25M, to increase the principal balance of the notes and to issue 6M new Class A Warrants exercisable at $0.50 and 2M Class B Warrants exercisable at $0.80.
• Pursuant to the agreements, the Company has the right, based on market conditions, to require the noteholders to convert up 20% of the outstanding notes.
• Overall, the extension will support the company as it achieves cash flow positive during the second half of 2023 and further monetizes its project pipeline.

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