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Michael Toporek, a director at Soluna Holdings, Inc. (NASDAQ:SLNH), recently sold shares of the company’s common stock totaling $197,693. The transactions occurred over three days: October 31, November 1, and November 4, 2024. The sales were executed at prices ranging from $3.11 to $3.44 per share. The stock has since declined significantly, now trading at $0.89, marking a 70% drop over the past six months. According to InvestingPro analysis, the company currently shows signs of undervaluation despite facing significant cash burn challenges.
These transactions were conducted automatically under a Rule 10b5-1 trading plan adopted by Brookstone Partners Acquisition XXIV, LLC, where Toporek holds a significant managerial role. Following these sales, Toporek’s indirect holdings in Soluna Holdings stand at 90,100 shares. With a market capitalization of just $7.52 million and a current ratio of 0.59, InvestingPro subscribers can access 12 additional key insights about the company’s financial health and market position.
In other recent news, Soluna Holdings, Inc. has been making strides in expanding its green data center capabilities. The company announced the acquisition of a 60-acre land parcel for Project Rosa, which will be powered by up to 187 megawatts (MW) of renewable energy, adjacent to a 240 MW wind farm in Texas. This project aims to enhance Soluna’s capacity for high-performance computing, including artificial intelligence (AI) and Bitcoin mining. Additionally, Soluna has successfully exited the ERCOT planning phase for Project Kati, expected to provide up to 166 MW of power. The company has also expanded its partnership with Bit Digital, surpassing 12 MW in hosting capacity.
In a separate development, Soluna Holdings has partnered with Luxor Technology Corporation to improve BitMine Immersion (NASDAQ:IMMR) Technologies’ mining efficiency, tripling its ASIC fleet’s hashrate. This collaboration integrates power, infrastructure, and financial services into a predictable framework, setting a new standard for Bitcoin mining. Furthermore, Soluna Cloud is supporting the North American launch of Atlas (NYSE:ATCO) Cloud’s AI inferencing platform, DeepSeek R1, utilizing 128 NVIDIA (NASDAQ:NVDA) H100 SXM Infiniband GPUs. This initiative aims to reduce latency and compliance challenges for enterprises transitioning from China-hosted models.
Soluna Holdings also hosted an "Ask Me Anything" session with its management team, providing insights into the company’s operations and future plans. The session’s transcript has been filed with the Securities and Exchange Commission (SEC) as Exhibit 99.1 to the Form 8-K. These recent developments underscore Soluna’s commitment to leveraging renewable energy for high-performance computing applications, including Bitcoin mining and generative AI.
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