Stronghold (NASDAQ: SDIG) has announced its entry into a securities purchase agreement with an institutional investor and the company’s co-chairman and chief executive officer, Greg Beard, to purchase 5,000,000 and 602,609 shares of Class A common stock at a purchase price of $1.60 and $1.66, respectively, as well as warrants to purchase an aggregate 5,602,409 shares of Class A common stock. According to the announcement, the warrants will have an initial exercise price of $1.75 per share (subject to adjustments) and will expire five years from the date of issuance. Stronghold anticipates approximately $9.0 million in gross proceeds, with the closing of the private placement expected to occur on or about Sept. 15, 2022, subject to the satisfaction of customary conditions. “I am excited to see an esteemed institutional investor demonstrate its belief in the company while also broadening my own commitment to and belief in the company,” Beard said in the press release. “We believe the private placement continues to demonstrate our ability to raise capital in creative ways that continue to strengthen the company’s financial position. The proceeds from the private placement are expected to further our strategy of acquiring Bitcoin miners as we continue to re-stock our data centers.”
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About Stronghold Digital Mining Inc.
Stronghold is a vertically integrated Bitcoin mining company with an emphasis on environmentally beneficial operations. Stronghold houses its miners at its wholly owned and operated Scrubgrass Plant and Panther Creek Plant, both of which are low-cost, environmentally beneficial coal refuse power generation facilities in Pennsylvania. For more information about the company, visit www.StrongholdDigitalMining.com.
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