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ALBANY, NY—William P. Phelan, a director at Soluna Holdings, Inc. (NASDAQ:SLNH), recently sold a significant amount of the company’s 9.0% Series A Cumulative Perpetual Preferred Stock. According to a recent SEC filing, Phelan sold a total of 13,350 shares over two consecutive days, amounting to a total transaction value of $39,180. The sale comes as the company faces challenging conditions, with InvestingPro data showing the stock has declined nearly 80% over the past year, while maintaining a concerning current ratio of 0.33.
The sales occurred on June 10 and June 11, with shares sold at an average price ranging from $2.76 to $3.26 on the first day and from $2.55 to $3.00 on the second day. Following these transactions, Phelan now holds 172,071 shares of the preferred stock directly. According to InvestingPro analysis, the company’s financial health score is rated as WEAK, with significant cash burn and negative EBITDA of -$39.5M in the last twelve months.
Investors often keep a close eye on insider transactions as they can provide insight into the sentiments of company executives regarding the company’s stock performance and future prospects. InvestingPro subscribers have access to 13 additional investment tips and comprehensive financial metrics to better evaluate insider trading patterns and company performance.
In other recent news, Soluna Holdings, Inc. reported first-quarter revenue of $5.9 million and continues to expand its green data center projects with several significant developments. The company has secured at least $20 million in financing from Spring Lane Capital for Project Kati, a 35-megawatt phase of their data center project, with the potential for an additional $100 million. Soluna has also launched phase 1 of Project Dorothy 2, with customer deployments underway, and is advancing on Project Sophie, which achieved a record 1.0 EH/s in computing power. Additionally, Soluna has announced an at-the-market offering agreement with H.C. Wainwright & Co., allowing them to potentially raise up to $3.75 million through the sale of common stock. The company is also facing a challenge as it received a notice from Nasdaq regarding its failure to meet the minimum bid price requirement, giving Soluna until November 4, 2025, to regain compliance. Meanwhile, the company has signed a term sheet for Project Annie, its first solar-powered data center, and is expanding its development pipeline to over 773 MW. Soluna continues to make strides in its ongoing projects, including Project Hedy in Texas, which aims to strengthen its presence in the ERCOT market.
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