Soluna Holdings shares jump 6.8% on pricing of $7.8M series A preferred stock offering

Soluna Holdings (NASDAQ:SLNH) shares climb 6.8% after it priced its $7.8M offering of 445.7K series A preferred shares at $17.50/share. The offering is expected to close on December 28. The proceeds from the offering will be used for acquisition, development and growth of data centers, and for working capital and general corporate purposes. The series A preferred shares have been approved for listing on the Nasdaq under the symbol 'SLNHP'. Underwriters of the offering are given a 45-day option to buy up to an additional 66.9K SLNHP shares to cover over-allotments, if any. Last week, SLNH announced an LOI to sell its MTI instruments business to a buyer in the test and measurement space. SLNH shares more than doubled in value YTD and have surged 143% over the past year.