Soluna Achieves Key Milestones To Unlock $25M Growth Capital Line; Enables Prepayment Of Convertible Notes And Expansion Of AI Data Center
Portfolio Pulse from Benzinga Newsdesk
Soluna has reached significant milestones to access a $25 million growth capital line, allowing for the prepayment of convertible notes and the expansion of its AI data center. The company has amended agreements with its Series B preferred stockholder to utilize a standby equity purchase agreement with Yorkville Advisors.
October 03, 2024 | 12:06 pm
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Soluna has secured a $25 million growth capital line, which will be used for prepaying convertible notes and expanding its AI data center. This move is supported by amended agreements with its Series B preferred stockholder and a standby equity purchase agreement with Yorkville Advisors.
The $25 million growth capital line provides Soluna with the financial resources to prepay convertible notes, reducing debt obligations, and to expand its AI data center, potentially increasing revenue. The amended agreements with the Series B preferred stockholder and Yorkville Advisors facilitate this financial maneuver, indicating a positive short-term impact on Soluna's stock price.
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