ALBANY, NY, Jan. 07, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), formerly Mechanical Technology, Inc., the parent company of Soluna Computing, Inc. (“SCI”), a cryptocurrency mining business powered by renewable energy, and MTI Instruments, Inc. (“MTI Instruments”), a test and measurement instruments and systems business, today announced that its Board of Directors has declared the regular monthly cash dividend on its shares of 9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share (the “Series A Preferred Stock”) for the month ended January 31, 2022. The dividend will be payable on or about January 31, 2022, to holders of the Series A Preferred Stock of record as of the close of business on January 17, 2022, as follows: (i) for the month ended January 31, 2022 with respect to the Company’s previously issued 806,585 shares of Series A Preferred Stock at a rate of $0.1875 per share; (ii) with respect to the 445,714 shares of Series A Preferred Stock issued on December 28, 2021 (the “December 2021 Shares”), for the period from December 28, 2021 through January 31, 2022 at a rate of $0.20625 per share; and (iii) with respect to the 66,857 shares of Series A Preferred Stock issued on January 5, 2022 (the “December Option Shares”), for the period from January 5, 2022 through January 31, 2022 at a rate of $0.1625 per share. The initial dividend for the December 2021 Shares and December Option Shares accumulated from their respective issuance dates. Future dividends on the Series A Preferred Stock will be payable when, as and if declared by the Board of Directors monthly in arrears on the final day of each month or the next business day at an annual rate of 9.0% of the $25.00 liquidation preference per share.
The Series A Preferred Stock trade on the Nasdaq Stock Market LLC under the symbol “SLNHP”.
About Soluna Holdings, Inc.
Soluna Holdings, Inc. (Nasdaq: SLNH) 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 cryptocurrency mining, AI and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna’s MTI Instruments division manufactures precision tools and testing equipment for electronics, aviation, automotive, power and other industries. Both Soluna and MTI Instruments use 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’s data centers enable clean electricity asset owners to ‘Sell. Every. Megawatt.’
Forward Looking Statements
The statements in this press release with respect to the payment of dividends on the Series A Preferred Stock constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements reflect management’s current expectations, as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Actual results could differ materially from those expressed or implied by such forward-looking statements as a result of various factors, including, but not limited to: (1) those risk factors set forth in the Company’s Registration Statement on Form S-1 (File No. 333-257300), as amended; and (2) other risks and uncertainties that may be detailed from time to time in SHI’s reports filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements.
Kirin Smith, President
PCG Advisory, Inc.
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