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Investing.com -- Soluna Holdings Inc (NASDAQ:SLNH) stock tumbled 37.6% after the green data center developer announced the pricing of a dilutive public offering that will raise approximately $5 million in gross proceeds.
The company is offering 9,090,909 shares of common stock and accompanying warrants at $0.55 per share. The offering includes Series A warrants to purchase an additional 9,090,909 shares and Series B warrants to purchase 9,090,909 shares, both with an exercise price of $0.55 per share.
The Series A warrants will expire five years after the initial exercise date, while the Series B warrants will expire after 24 months. Both warrant series will be exercisable immediately upon issuance.
Soluna intends to use the net proceeds for working capital, project-level equity, and general corporate purposes. The company develops data centers for Bitcoin mining and artificial intelligence applications that are co-located with renewable energy sources.
H.C. Wainwright & Co. is serving as the exclusive placement agent for the offering, which is expected to close on or about July 17, 2025, subject to customary closing conditions.
The securities are being offered under a registration statement on Form S-1 that was declared effective by the Securities and Exchange Commission on July 15, 2025.
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