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Soluna Secures $25M Growth Capital Line with Yorkville Advisors Global L.P

Sep 09, 2024•almost 2 years ago

Contract Type

partnership

New YorkManufacturingFinancial Services

Description

Soluna Holdings, Inc. has entered into a $25 million Standby Equity Purchase Agreement (SEPA) with Yorkville Advisors Global L.P. The financing will enable Soluna to advance its AI data center designs and prepare for further development of AI data centers.

Company Information

Company

Soluna Holdings

Location

New York, United States

About

The Company expects to issue an aggregate of approximately $29 million of shares of Series A Preferred Stock in connection with the concurrent offerings, and expects the extinguishment of an aggregate principal amount of $20 million of outstanding promissory notes of the Company held by institutional lenders in exchange for the shares of Series A Preferred Stock issued to such lenders in connection with the registered direct offering. The Company expects to receive an aggregate amount of approximately $9.2 million from the underwritten public offering, before deducting underwriting discounts and other estimated offering fees and expenses. Soluna Holdings, Inc. (“SHI”) (Nasdaq: SLNH) is the leading developer of green data centers that convert excess renewable energy into global computing resources.

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Agreement Insights

Based on industry data

Strategic partnership established

Partnership agreements typically involve technology integration and joint go-to-market strategies

Contract momentum indicator

Companies with recent agreements are 2.3x more likely to make additional purchases within 6 months