A company that was in the business of hosting green data centers is failing financially?
Soluna Holdings (SLNH) shares are down more than forty percent. On Monday morning they are equal to about $1.03. Since the beginning of this year, the value of the assets of this organization has not stopped falling rapidly.
Soluna officials said they sold 1,388,889 shares. Each was worth about $1.5. The company was able to earn on this two million U.S. dollars.
It is known that the sale of some shares to the sponsoring organization Spring Lane Capital will bring SLNH more than $800,000.
Despite what may seem like a disastrous situation, Soluna is not losing hope for sustainability. The company said that all the money it gets from the sale of its shares will be used to buy, expand and upgrade its data centers. There are plans to buy processors for mining crypto and other technical equipment.
The funds will also be used to build its site in Texas (United States of America), business projects and the purchase of real estate.
Soluna is notable for using mostly renewable energy sources for its data centers. In May of this year, the company received more than $35 million to build additional infrastructure. The investment came from Spring Lane Capital.