David C. Michaels, a director at Soluna Holdings, Inc. (NASDAQ:SLNH), recently sold 400 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were sold on December 10 at an average price of $3.1495 each, totaling approximately $1,259. The sale occurred as the stock trades near $2.95, down about 17% over the past week. According to InvestingPro analysis, the stock appears undervalued despite showing high price volatility. Following this transaction, Michaels holds 176,491 shares in the company. This sale was reported on December 12, with Christopher Gandolfo, acting as attorney in fact, signing the disclosure. The company currently maintains a market capitalization of $24.6 million, with InvestingPro data revealing 8 additional key insights about the company's financial health and market position.
In other recent news, Soluna Holdings reported a notable 362% surge in Q2 2024 revenue and secured critical funding, including a $25 million Standby Equity Purchase Agreement with Yorkville Advisors Global L.P. and $30 million for the expansion of Project Dorothy 2. The company also announced Project Rosa, a green data center project offering up to 187 megawatts of capacity, powered by an adjacent 240 MW wind farm in Texas. Furthermore, Soluna Holdings has increased its credit facility to $13.75 million for its subsidiary, Soluna Cloud, and a $34 million cloud services agreement with Hewlett Packard Enterprises is expected to generate up to $80 million in revenue over the next three years.
The company's various projects, including Project Dorothy 2, Project Sophie, and Project Kati, are making significant progress under the advisement of Northland Capital Markets, BitOoda Technologies, and Imperial Capital. Soluna Holdings also appointed John Tunison as its new Chief Financial Officer. In addition, stockholder votes approved the amendment of Soluna Holdings' stock incentive plan and the potential issuance of common stock exceeding Nasdaq's exchange cap.
InvestingPro analysts rate Soluna Holdings' overall financial health as 'FAIR,' noting both challenges and opportunities in its current business model. These recent developments highlight Soluna Holdings' ongoing efforts to integrate computing with renewable energy for both environmental benefits and financial performance.
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