ALBANY, N.Y. - (NewMediaWire) - January 5, 2022 - Soluna Holdings, Inc. (“SHI” orthe “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. ("SCI"),a cryptocurrency mining business powered by renewable energy, and MTIInstruments, Inc. ("MTI Instruments"), a test and measurementinstruments and systems business, today announced that it closed anover-allotment offering for the issuance and sale of an additional 66,857shares (the “Option Shares”) of its 9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001per share (“Series A Preferred Stock”), to the underwriters for its previouslyannounced public offering of Series A Preferred Stock.
Theunderwriters fully exercised such over-allotment option for such additionalshares of Series A Preferred Stockat a price to the public of $17.50 per share, resulting in additional grossproceeds of approximately $1.17 million, less applicable underwriter discountsand estimated offering expenses. The first dividend on such shares of Series APreferred Stock will be paid on January 31, 2022, which will include a periodof less than a full month after the issuance of such shares of Series APreferred Stock and will cover the period from January 5, 2022 through January31, 2022.
TheSeries A Preferred Stock is listed on the Nasdaq Stock Market LLC under thesymbol “SLNHP”.
SHI intends to use the net proceeds of the offering for theacquisition, development and growth of data centers, including cryptocurrencymining processors, other computer processing equipment, data storage,electrical infrastructure, software and real property, and business, and forworking capital and general corporate purposes, which include, but are notlimited to, operating expenses.
TheSeries A Preferred Stock is perpetual and has no maturity date. The Series APreferred Stock is not redeemable prior to August 23, 2026, except under certaincircumstances. On or after August 23, 2026, the Series A Preferred Stock may beredeemed at the Company’s option, in whole or in part, from time to time, at aredemption price of $25.00 per share of Series A Preferred Stock, plus alldividends accumulated and unpaid (whether or not declared) on the Series APreferred Stock up to, but not including, the date of such redemption. TheSeries A Preferred Stock may also be redeemed upon the occurrence of certaindelisting or change in control events.
UnivestSecurities, LLC acted as the sole book running manager for this offering.
The offering was conducted pursuant to aprospectus supplement to the base prospectus included in the Company'sregistration statement on Form S-3, as amended (File No. 333-261427) (the “Registration Statement”), whichRegistration Statement was previously filed with and subsequently declaredeffective by the Securities and Exchange Commission (“SEC”) on December 16,2021. Such prospectus supplement and accompanying base prospectus relating tothe offering have been filed with the SEC and are available on the SEC’swebsite at http://www.sec.gov. Electronic copies of such prospectus supplementand accompanying base prospectus relating to this offering may be obtained fromUnivestSecurities, LLC, 75 Rockefeller Plaza, Suite 1838, New York, NY 10019, byphone (212) 343-8888 or e-mail info@univest.us.
This press release shall notconstitute an offer to sell or the solicitation of an offer to buy thesesecurities, nor shall there be any sale of these securities in any state orjurisdiction in which such offer, solicitation or sale would be unlawful priorto registration or qualification under the securities laws of any such state orjurisdiction.
About Soluna Holdings,Inc.
Soluna Holdings, Inc.(Nasdaq: SLNH) is the leading developer of green data centers that convertexcess renewable energy into global computing resources. Soluna builds modular,scalable data centers for computing intensive, batchable applications such as cryptocurrency mining, AI andmachine learning. Soluna provides a cost-effective alternative tobattery storage or transmission lines. Soluna’s MTI Instruments divisionmanufactures precision tools and testing equipment for electronics, aviation,automotive, power and other industries. Both Soluna and MTI Instruments usetechnology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can goto waste. Soluna’s data centers enable clean electricity asset owners to ‘Sell.Every. Megawatt.’
For more information aboutSoluna, please visit www.solunacomputing.com orfollow us on LinkedIn at linkedin.com/solunaholdings andTwitter @SolunaHoldings.
Forward Looking Statements
The statements in this press release, including with respect tothe anticipated use of proceeds for this offering, constitute forward-lookingstatements within the meaning of the federal securities laws. Forward-lookingstatements reflect management’s current expectations, as of the date of thispress release, and are subject to certain risks and uncertainties that couldcause actual results to differ materially from future results expressed orimplied by such forward-looking statements. Actual results could differmaterially from those expressed or implied by such forward-looking statementsas a result of various factors, including, but not limited to: (1) those riskfactors set forth in the Registration Statement and the prospectus supplement;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.
Investor Relations:
Kirin Smith, President
PCG Advisory, Inc.
646.823.8656
Ksmith@pcgadvisory.com