Stronghold Digital Mining, a Bitcoin mining company, has announced that it expects to raise $10 million in gross proceeds from a Private Placement. The funds will be used to acquire additional Bitcoin miners. The Private Placement is expected to close on April 21, 2023. As part of the Private Placement, Stronghold Digital Mining has entered into a registration rights agreement with the institutional investor to allow for the resale of the securities purchased in the Private Placement.
Under the registration rights agreement, Stronghold Digital Mining is prohibited from issuing equity until 30 days after the effective date of a registration statement covering the resale of the securities purchased by the institutional investor. Stronghold Digital Mining is also prohibited from effecting variable rate transactions for a period of 6 months following the effective date, subject to certain exceptions.
It is important to note that this press release is not an offer to sell or the solicitation of an offer to buy any of the securities described herein. There will be no sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Stronghold Digital Mining is a vertically integrated Bitcoin mining company that focuses on environmentally beneficial operations. The company 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 investors, Matt Glover or Alex Kovtun of Gateway Group, Inc. can be contacted at SDIG@GatewayIR.com. For media inquiries, contact@strongholddigitalmining.com.
This press release contains forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions.
Forward-looking statements are based upon current plans, estimates, and expectations that are subject to risks, uncertainties, and assumptions. Such projections and estimates are as to future events and are not to be viewed as facts, and reflect various assumptions of management of the Company concerning the future performance of the Company and are subject to significant business, financial, economic, operating, competitive and other risks and uncertainties and contingencies that could cause actual results to differ materially from the statements and information included herein.
Readers are cautioned not to place undue reliance on any of these forward-looking statements. Stronghold Digital Mining does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events, or otherwise, except as required by law. Additionally, descriptions herein of market conditions and opportunities are presented for informational purposes only; there can be no assurance that such conditions will actually occur or result in positive returns. Recipients of this communication should make their own investigations and evaluations of any information referenced herein.
