Stronghold Digital Mining Posts Prospectus For Share Sale While It Works To Conserve Money
Key Points:
- Stronghold Digital Mining submitted a prospectus to sell up to 10 million Class A shares.
- Stronghold shifted focus away from mining and into selling power during the summer. The company owns and operates two waste coal plants in Pennsylvania.
In an effort to protect its cash, Stronghold Digital Mining submitted a prospectus to sell up to 10 million Class A shares.
The offering consists of 5.03 million shares of Class A common stock that will be issued upon the exercise of warrants acquired by the selling stockholder, 2.73 million shares of Class A common stock that will be issued to the selling stockholder upon the exercise of pre-funded warrants, and 2.27 million shares of Class A common stock that have already been issued to the selling stockholder.
Any profits will be used for general business needs by the corporation.
In an effort to increase cash flow, Stronghold and noteholders came to an agreement on January 3 to convert $17.9 million in debt into equity. Additionally, it canceled a hosting agreement with Northern Data and paid off $67.4 million of debt owed to NYDIG.
At that time, Greg Beard, co-chairman and CEO, stated:
“This is vital to preserve cash, minimize our financial liabilities and better position the company to endure a potentially extended crypto market slump.”
Stronghold shifted focus away from mining and into selling power during the summer. The company owns and operates two waste coal plants in Pennsylvania.
Like others in the industry, it has seen mining economics worsen with a fall in bitcoin prices falling and a rise in energy prices.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
Author
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Stronghold Digital Mining Posts Prospectus For Share Sale While It Works To Conserve Money
Key Points:
- Stronghold Digital Mining submitted a prospectus to sell up to 10 million Class A shares.
- Stronghold shifted focus away from mining and into selling power during the summer. The company owns and operates two waste coal plants in Pennsylvania.
In an effort to protect its cash, Stronghold Digital Mining submitted a prospectus to sell up to 10 million Class A shares.
The offering consists of 5.03 million shares of Class A common stock that will be issued upon the exercise of warrants acquired by the selling stockholder, 2.73 million shares of Class A common stock that will be issued to the selling stockholder upon the exercise of pre-funded warrants, and 2.27 million shares of Class A common stock that have already been issued to the selling stockholder.
Any profits will be used for general business needs by the corporation.
In an effort to increase cash flow, Stronghold and noteholders came to an agreement on January 3 to convert $17.9 million in debt into equity. Additionally, it canceled a hosting agreement with Northern Data and paid off $67.4 million of debt owed to NYDIG.
At that time, Greg Beard, co-chairman and CEO, stated:
“This is vital to preserve cash, minimize our financial liabilities and better position the company to endure a potentially extended crypto market slump.”
Stronghold shifted focus away from mining and into selling power during the summer. The company owns and operates two waste coal plants in Pennsylvania.
Like others in the industry, it has seen mining economics worsen with a fall in bitcoin prices falling and a rise in energy prices.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
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