Stronghold Digital Mining, Inc. Prices Upsized $127 Million Initial Public Offering
20 Oktober 2021 - 1:21AM
Stronghold Digital Mining, Inc. (“Stronghold”) announced today the
pricing of an upsized initial public offering of 6,687,305 shares
of its Class A common stock at $19.00 per share. The shares are
expected to begin trading on the Nasdaq Global Market on October
20, 2021 under the ticker symbol “SDIG.” In addition, Stronghold
granted the underwriters a 30-day overallotment option to purchase
up to an additional 1,003,095 shares of Stronghold’s Class A common
stock at the initial public offering price, less underwriting
discounts and commissions. The offering is expected to close on
October 22, 2021, subject to customary closing conditions.
Stronghold expects to receive approximately
$114.8 million of net proceeds from the offering, or $132.5 million
if the underwriters exercise their option to purchase additional
shares in full. Stronghold intends to contribute the net proceeds
of this offering to Stronghold Digital Mining Holdings LLC
(“Stronghold LLC”) in exchange for Class A common units of
Stronghold LLC. Stronghold LLC will use the proceeds for general
corporate purposes, including for acquisitions of miners and power
generating assets.
B. Riley Securities and Cowen are acting as
joint book-running managers, Tudor, Pickering, Holt & Co. is
serving as lead manager, and D.A. Davidson & Co., Compass Point
and Northland Capital Markets are acting as co-managers for the
proposed offering.
The offering of these securities will be made
only by means of a prospectus. A copy of the prospectus, when
available, may be obtained from B. Riley Securities, Inc.,
Attention: Prospectus Department, 1300 North 17th Street, Suite
1300, Arlington, Virginia 22209, Phone: +1-703-312-9580, Email:
prospectuses@brileyfin.com or from Cowen and Company, LLC, c/o
Broadridge Financial Solutions, Attention: Prospectus Department,
1155 Long Island Avenue, Edgewood, NY 11717, Phone:
+1-833-297-2926, Email: PostSaleManualRequests@broadridge.com.
A registration statement relating to these
securities has been filed with, and declared effective by, the
Securities and Exchange Commission (the “SEC”), and an additional
registration statement relating to the offering was filed with the
SEC pursuant to Rule 462(b) under the Securities Act of 1933, as
amended, which automatically became effective upon filing. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
About Stronghold Digital Mining,
Inc.Stronghold is a vertically integrated Bitcoin mining
company with an emphasis on environmentally beneficial operations.
Stronghold houses its miners at its wholly owned and operated
Scrubgrass Plant, a low-cost, environmentally beneficial coal
refuse power generation facility in Pennsylvania.
Cautionary Statement Concerning Forward-Looking
StatementsCertain statements contained in this press
release constitute “forward-looking statements.” These
forward-looking statements, including statements regarding the
closing of the initial public offering and Stronghold’s use of
proceeds from the offering, represent Stronghold’s expectations or
beliefs concerning future events, and it is possible that the
results described in this press release will not be achieved. These
forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside of Stronghold’s control,
that could cause actual results to differ materially from the
results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, Stronghold does
not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time,
and it is not possible for Stronghold to predict all such factors.
When considering these forward-looking statements, you should keep
in mind the risk factors and other cautionary statements in the
prospectus filed with the SEC in connection with Stronghold’s
initial public offering. The risk factors and other factors noted
in Stronghold’s prospectus could cause its actual results to differ
materially from those contained in any forward-looking
statement.
Investor Contact:
Matt Glover or Jeff Grampp, CFAGateway Group, Inc.
SDIG@GatewayIR.com1-949-574-3860
Media Contact:
contact@strongholddigitalmining.com
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