Soluna raises $32 million in registered direct offering

Soluna Holdings Inc. (NASDAQ: SLNH) announced it has entered into agreements for a registered direct offering expected to generate approximately $32 million in gross proceeds before fees and expenses.

The green data center developer will sell 18,079,144 shares of common stock and accompanying Series C warrants at $1.77 per share. The Series C warrants carry an exercise price of $1.65 per share, are exercisable immediately upon issuance, and expire five years from the date of issuance.

H.C. Wainwright & Co. is serving as the exclusive placement agent for the offering, which is expected to close on or about December 5, 2025, subject to customary closing conditions.

The company stated it intends to use the net proceeds for working capital, project-level equity, and general corporate purposes.

The offering is being conducted under the company's existing registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission on April 29, 2025.

Soluna develops data centers for intensive computing applications, including Bitcoin mining and artificial intelligence, that are co-located with renewable energy sources such as wind, solar, and hydroelectric power plants.

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