Following the reverse share split, the Company will have approximately 1.5 million Ordinary Shares issued and outstanding.
Split effective today, October 13, 2023 at 5:00pm est.
Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ:SLNH), the parent company of Soluna Computing, Inc. (“SCI”), announced that it will execute a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-25. The reverse stock split was approved by the Board of Directors and by shareholders at the annual meeting of the stockholders on June 29, 2023. The reverse stock split will become effective at 5:00 p.m. Eastern Time, on October 13, 2023. The Company’s common stock will begin trading on a post-split basis at the market open on October 16, 2023, under the Company’s existing trading symbol “SLNH”.
At the effective time, every 25 issued and outstanding shares of the Company’s common stock will be converted automatically into one share of the Company’s common stock without any change in the par value per share. Once effective, the reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 37.3 million to approximately 1.5 million.
The reverse stock split is part of the Company’s plan to regain compliance with the $1.00 per share minimum closing price required to maintain continued listing on NASDAQ.
