Soluna Holdings Completes Conversion and Payoff of Convertible Notes

Soluna Holdings, Inc. (NASDAQ: SLNH), a company specializing in green data centers for intensive computing applications like Bitcoin mining and AI, recently announced the successful final conversion and payoff of its outstanding convertible notes. This move followed a strategic reprice of the conversion price, effectively eliminating the debt from the company’s balance sheet.

In a single transaction, Soluna cleared approximately $772,000 in remaining note balances through a full conversion and payoff due to a one-time reprice. This milestone signifies a substantial step towards reinforcing Soluna’s financial position and creating more leeway for future growth opportunities. With this debt resolved, Soluna can now concentrate its resources on advancing its AI, renewable energy, and high-performance computing solutions.

John Belizaire, CEO of Soluna Holdings, expressed his enthusiasm regarding this crucial development. Belizaire stated, “We are excited to finalize this important milestone and bring the convertible notes to a close. This move allows us to direct our capital formation efforts towards the continued development of our data center projects and growing our pipeline.”

The conversion agreement was reached with Alpha Capital Anstalt, 3i, LP, and Supereight Capital Holdings Ltd., collectively known as the “Note Holders,” resulting in the immediate conversion of all outstanding principal and accrued interest from the Convertible Notes into shares of Soluna’s common stock. Notably, this action led to 335,661 shares of common stock being issued to the Note Holders in line with the terms of the Convertible Notes.

This initiative aligns with Soluna’s mission to establish itself as a leader in sustainable, high-performance computing while concurrently simplifying its capital structure. To delve deeper into the details of this financial restructuring, interested parties are encouraged to refer to Soluna’s upcoming 8-K filing.

The company also disclosed a brief Safe Harbor Statement emphasizing that forward-looking statements carry inherent risks and uncertainties, further detailed in the filings made with the Securities and Exchange Commission. Soluna Holdings commits to updating information provided in this press release as required under applicable law.

Soluna Holdings, Inc. aims to pave the way for renewable energy to become a global force through computing as a catalyst. The company designs, constructs, and manages digital infrastructure that converts surplus renewable energy into global computing resources. Soluna’s state-of-the-art data centers are strategically located alongside renewable power plants to bolster various high-performance computing applications such as Bitcoin Mining and Generative AI.

For further information on Soluna Holdings, Inc., visit solunacomputing.com and follow the company on X (formerly Twitter) at @SolunaHoldings.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Soluna’s 8K filing here.

Soluna Company Profile

Soluna Holdings, Inc together with its subsidiaries, engages in the mining of cryptocurrency through data centers. It operates through two segments, Cryptocurrency Mining and Data Center Hosting. The company also operates in the blockchain business. In addition, the company develops and builds modular data centers that use for cryptocurrency mining.