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Stronghold Digital Mining, Inc (SDIG) Prices Upsized 6.7M Share IPO at $19/sh

October 20, 2021 5:41 AM EDT

Stronghold Digital Mining, Inc. (NASDAQ: SDIG) announced today the pricing of an upsized initial public offering of 6,687,305 shares of its Class A common stock at $19.00 per share. The shares are expected to begin trading on the Nasdaq Global Market on October 20, 2021 under the ticker symbol “SDIG.” In addition, Stronghold granted the underwriters a 30-day overallotment option to purchase up to an additional 1,003,095 shares of Stronghold’s Class A common stock at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on October 22, 2021, subject to customary closing conditions.

Stronghold expects to receive approximately $114.8 million of net proceeds from the offering, or $132.5 million if the underwriters exercise their option to purchase additional shares in full. Stronghold intends to contribute the net proceeds of this offering to Stronghold Digital Mining Holdings LLC (“Stronghold LLC”) in exchange for Class A common units of Stronghold LLC. Stronghold LLC will use the proceeds for general corporate purposes, including for acquisitions of miners and power generating assets.

B. Riley Securities and Cowen are acting as joint book-running managers, Tudor, Pickering, Holt & Co. is serving as lead manager, and D.A. Davidson & Co., Compass Point and Northland Capital Markets are acting as co-managers for the proposed offering.

The offering of these securities will be made only by means of a prospectus. A copy of the prospectus, when available, may be obtained from B. Riley Securities, Inc., Attention: Prospectus Department, 1300 North 17th Street, Suite 1300, Arlington, Virginia 22209, Phone: +1-703-312-9580, Email: [email protected] or from Cowen and Company, LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, Phone: +1-833-297-2926, Email: [email protected].

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (the “SEC”), and an additional registration statement relating to the offering was filed with the SEC pursuant to Rule 462(b) under the Securities Act of 1933, as amended, which automatically became effective upon filing. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.



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