{"id":758446,"date":"2023-05-12T08:13:15","date_gmt":"2023-05-12T12:13:15","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/soluna-obtains-14-month-extension-on-convertible-notes\/"},"modified":"2023-05-12T08:13:15","modified_gmt":"2023-05-12T12:13:15","slug":"soluna-obtains-14-month-extension-on-convertible-notes","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/soluna-obtains-14-month-extension-on-convertible-notes\/","title":{"rendered":"Soluna Obtains 14 Month Extension on Convertible Notes"},"content":{"rendered":"

<\/p>\n

Soluna Obtains 14 Month Extension on Convertible Notes<\/i><\/b><\/p>\n

\nAgreement Shows Confidence in Business Plan<\/p>\n

ALBANY, N.Y.–(BUSINESS WIRE<\/a>)–
\nSoluna Holdings, Inc. (\u201cSHI\u201d or the \u201cCompany\u201d), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (\u201cSCI\u201d), a developer of green data centers for Bitcoin mining and other intensive computing, announced an agreement with the holders of its convertible notes to extend the maturity of the notes to July 25, 2024.<\/p>\n

\nAs consideration for the extension, the Company agreed to pay an extension fee of $250,000, to increase the principal balance of the notes and to issue 6,000,000 new Class A Warrants exercisable at $0.50 and 2,000,000 Class B Warrants exercisable at $0.80. Pursuant to the agreements, the Company has the right, based on market conditions, to require the noteholders to convert up 20% of the outstanding notes. The extension also adds the opportunity for the Company to prepay a portion of the note in cash. Overall, the extension will support the company as it achieves cash flow positive during the second half of 2023 and further monetizes its project pipeline.<\/p>\n

\nJohn Belizaire, CEO of Soluna Holdings, commented, \u201cI am encouraged by the note holders’ support of our business plan and recent successes at Project Dorothy and Project Sophie<\/a>. We are now poised to drive the growth of operating cash flow and execute our strategy for 2023 and beyond.\u201d<\/p>\n

Safe Harbor Statement<\/b><\/p>\n

\nThis announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Soluna Holdings, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna\u2019s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and Soluna Holdings, Inc. undertakes no duty to update such information, except as required under applicable law.<\/p>\n

About Soluna Holdings, Inc (SLNH)<\/b><\/p>\n

\nSoluna Holdings, Inc. is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for computing intensive, batchable applications such as Bitcoin mining, AI, and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna uses technology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can go to waste. Soluna\u2019s data centers enable clean electricity asset owners to \u2018Sell. Every. Megawatt.\u2019<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230512005195\/en\/<\/a><\/span><\/p>\n

\nSam Sova
\n
Founder and CEO
\n
SOVA
\n
Sam@teamsova.biz<\/a><\/p>\n

KEYWORDS:<\/b> New York United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Networks Other Energy Professional Services Hardware Sustainability Energy Technology Digital Cash Management\/Digital Assets Artificial Intelligence Environment Green Technology Cryptocurrency<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Soluna Obtains 14 Month Extension on Convertible Notes Agreement Shows Confidence in Business Plan ALBANY, N.Y.–(BUSINESS WIRE)– Soluna Holdings, Inc. (\u201cSHI\u201d or the \u201cCompany\u201d), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (\u201cSCI\u201d), a developer of green data centers for Bitcoin mining and other intensive computing, announced an agreement with the holders of its convertible notes to extend the maturity of the notes to July 25, 2024. As consideration for the extension, the Company agreed to pay an extension fee of $250,000, to increase the principal balance of the notes and to issue 6,000,000 new Class A Warrants exercisable at $0.50 and 2,000,000 Class B Warrants exercisable at $0.80. Pursuant to the agreements, the Company has the right, based … <\/p>\n

Continue reading “Soluna Obtains 14 Month Extension on Convertible Notes”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-758446","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nSoluna Obtains 14 Month Extension on Convertible Notes - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/soluna-obtains-14-month-extension-on-convertible-notes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Soluna Obtains 14 Month Extension on Convertible Notes - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Soluna Obtains 14 Month Extension on Convertible Notes Agreement Shows Confidence in Business Plan ALBANY, N.Y.–(BUSINESS WIRE)– Soluna Holdings, Inc. (\u201cSHI\u201d or the \u201cCompany\u201d), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (\u201cSCI\u201d), a developer of green data centers for Bitcoin mining and other intensive computing, announced an agreement with the holders of its convertible notes to extend the maturity of the notes to July 25, 2024. As consideration for the extension, the Company agreed to pay an extension fee of $250,000, to increase the principal balance of the notes and to issue 6,000,000 new Class A Warrants exercisable at $0.50 and 2,000,000 Class B Warrants exercisable at $0.80. 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