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Soluna Holdings, Inc. (NASDAQ:SLNH) announced Wednesday that its shareholders approved all proposals at the company’s annual meeting held Monday. The Albany, New York-based finance services firm reported the voting results in a statement based on a filing with the Securities and Exchange Commission.
Shareholders elected David C. Michaels and Matthew Lipman as Class II directors, each to serve a three-year term until the 2028 annual meeting. Michaels received 6,402,256 votes in favor and 173,736 withheld, while Lipman received 6,364,245 votes in favor and 211,747 withheld. Both votes included 4,644,862 broker non-votes. InvestingPro analysis indicates the company faces significant challenges, with a weak Financial Health Score of 1.37 and rapidly depleting cash reserves.
The meeting also saw approval for a reverse stock split proposal, authorizing the board to implement one or more reverse splits of the company’s common stock at a ratio between 1-for-5 and 1-for-50. The proposal passed with 9,702,027 votes in favor, 1,479,079 against, and 39,748 abstentions.
Shareholders approved the adjournment proposal, which allows the meeting to be adjourned if there are insufficient votes for the reverse stock split. This passed with 10,295,007 votes in favor, 904,877 against, and 20,970 abstentions.
Additionally, the appointment of UHY LLP as Soluna Holdings’ independent registered public accounting firm for the year ending December 31, 2025, was ratified. The auditor ratification proposal received 10,626,386 votes in favor, 310,638 against, and 283,830 abstentions.
Soluna Holdings’ common stock and its 9.0% Series A Cumulative Perpetual Preferred Stock (NASDAQ:SLNHP) are both listed on the Nasdaq Stock Market LLC.
All information in this article is based on a press release statement filed with the SEC.
In other recent news, Soluna Holdings, Inc. reported an impressive 80% growth in revenue, reaching $38 million for 2024, and achieved positive cash flow from its Bitcoin hosting business. The company has fully operationalized its Project Dorothy 1A and 1B, with Project Dorothy 2 now energized and expected to reach 48 MW by the end of 2025, contributing to a 64% hosting capacity expansion. Soluna has also launched Demand Response Services, generating an additional $2.1 million in revenue. Furthermore, the company expanded its Project Dorothy 2 data center, increasing its long-term power pipeline to 2.8 gigawatts. Soluna secured $20 million from Spring Lane Capital to initiate Project Kati 1, with construction set for the third quarter of 2025. In addition, Soluna renewed and expanded its partnership with Compass Mining, adding approximately 13 megawatts of computing capacity across its Project Dorothy sites. On the financial front, Soluna announced a public offering to raise about $5 million in gross proceeds by offering shares and accompanying warrants. Meanwhile, H.C. Wainwright initiated coverage on Soluna with a Neutral rating, expressing concerns over customer acquisition and funding for its high-performance computing goals.
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