Agreement Shows Confidence in Business Plan
ALBANY, N.Y.–(BUSINESS WIRE)–Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), 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 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 posit
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