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ALBANY, N.Y. - Soluna Holdings, Inc. (NASDAQ:SLNH), a micro-cap company with a market capitalization of $67 million, has regained compliance with Nasdaq’s minimum bid price requirement, the company announced Monday.
The developer of green data centers for computing applications such as AI and Bitcoin mining received notice from Nasdaq that it had met the listing rule requiring shares to maintain a minimum closing bid price of $1.00 for at least 10 consecutive business days, which was achieved on October 2.
"We’re pleased to have regained compliance and remain focused on executing our strategy," said John Belizaire, CEO of Soluna Holdings, in a statement based on the company’s press release.
The company’s stock will continue to trade on the Nasdaq Capital Market under the ticker SLNH, as Soluna is now in full compliance with all Nasdaq continued listing requirements.
Soluna develops data centers that are co-located with renewable energy plants, focusing on supporting computing applications including Bitcoin mining and generative AI. The company aims to utilize surplus renewable energy for computing operations.
The announcement comes as part of the company’s regulatory disclosures to maintain its listing status on the Nasdaq exchange.
In other recent news, Soluna Holdings, Inc. has filed a prospectus supplement for a stock offering of up to $87.7 million. This move updates previous information as part of the company’s ongoing registration statement with the SEC. Additionally, Soluna has secured a scalable credit facility of up to $100 million from Generate Capital, PBC. The initial $12.6 million draw from this facility will refinance existing projects and support construction, including a delayed draw facility for the Dorothy 2 project and Project Kati 1 data center. Soluna has also commenced construction on Project Kati 1 in Texas, surpassing the milestone of one gigawatt of renewable-powered computing projects. This milestone includes the development of two new Texas-based facilities: Project Fei and Project Gladys, which are co-located with solar and wind farms, respectively. Meanwhile, H.C. Wainwright has reiterated a Neutral rating on Soluna’s stock, noting the company’s sequential improvement in its recent quarterly update and its efforts to scale operations.
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