Soluna completes $32 million registered direct offering

Soluna Holdings Inc. (NASDAQ: SLNH) completed a registered direct offering that raised approximately $32 million in gross proceeds, the company announced. The green data center developer sold 18,079,144 shares of common stock and accompanying Series C warrants at $1.77 per share.

The offering was priced at-the-market under Nasdaq rules. Each share purchased included a Series C warrant to purchase an additional share at $1.65 per share. The warrants are exercisable immediately and expire five years from issuance.

H.C. Wainwright & Co. served as the exclusive placement agent for the offering. The company plans to use net proceeds for working capital, project-level equity, and general corporate purposes.

The securities were sold under the company's registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission on April 29, 2025. Soluna develops data centers that are co-located with renewable energy facilities to support computing applications including Bitcoin mining and artificial intelligence.

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