ALBANY, NY—Matthew E. Lipman, a director at Soluna Holdings, Inc. (NASDAQ:SLNH), recently sold shares of the company's 9.0% Series A Cumulative Perpetual Preferred Stock. According to a recent SEC filing, Lipman disposed of 900 shares in total over two separate days. The sale comes as the company's stock has experienced significant volatility, with shares down 20.5% year-to-date and currently trading at $3.18.
On December 6, Lipman sold 100 shares at $11.20 each and an additional 38 shares at $11.15 each. The following transaction took place on December 9, when he sold 762 shares at $10.65 each. These transactions collectively amounted to a total sale value of $9,659. According to InvestingPro analysis, Soluna Holdings, with a market capitalization of just $26.78 million, shows signs of financial stress with several concerning metrics. Subscribers can access 8 additional key insights about SLNH's financial health.
Following these sales, Lipman retains direct ownership of 26,489 shares of the preferred stock. While InvestingPro's Fair Value analysis suggests the stock may be undervalued at current levels, investors should note the company's challenging cash position and volatile price movements.
In other recent news, Soluna Holdings reported a 362% increase in Q2 2024 revenue and secured key funding, including a $25 million Standby Equity Purchase Agreement with Yorkville Advisors Global L.P. and $30 million for the expansion of its flagship data center, Project Dorothy 2. A $34 million cloud services agreement with Hewlett Packard Enterprises is expected to generate up to $80 million in revenue over the next three years. Furthermore, stockholder votes approved the amendment of Soluna Holdings' stock incentive plan and the potential issuance of common stock exceeding Nasdaq's exchange cap. The company also decided against proceeding with prepaid equity advances under a previously executed Standby Equity Purchase Agreement with YA II PN, LTD.
In addition, Soluna Holdings announced Project Rosa, a green data center project offering up to 187 megawatts of capacity, powered by an adjacent 240 MW wind farm in Texas. The company's various projects, including Project Dorothy 2, Project Sophie, and Project Kati, are making significant progress under the advisement of Northland Capital Markets, BitOoda Technologies, and Imperial Capital. Lastly, John Tunison was appointed as the new Chief Financial Officer of Soluna Holdings. These are recent developments in the company's growth trajectory.
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