ALBANY, NY—Mary Jennifer O'Reilly (NASDAQ:ORLY), the Chief People Officer of Soluna Holdings, Inc. (NASDAQ:SLNH), recently sold a portion of her holdings in the company. According to a recent SEC filing, O'Reilly sold a total of 5,000 shares of Soluna's 9.0% Series A Cumulative Perpetual Preferred Stock over two transactions.
The first transaction, dated November 19, involved the sale of 3,000 shares at a price of $11.8151 per share. The second transaction took place on November 21, where 2,000 shares were sold at an average price of $11.4835 per share, with prices ranging from $11.20 to $12.02 per share. The total value of these transactions amounts to approximately $58,412.
Following these sales, O'Reilly retains ownership of 15,000 shares of the preferred stock.
In other recent news, Soluna Holdings reported significant progress in its green data center projects and financial results, with a substantial 362% increase in Q2 2024 revenue. The company also secured significant funding, including a $25 million Standby Equity Purchase Agreement with Yorkville Advisors Global L.P., and $30 million for the expansion of its flagship data center, Project Dorothy 2. Soluna Holdings increased its credit facility to $13.75 million for its subsidiary, Soluna Cloud, and a $34 million cloud services agreement with Hewlett Packard Enterprises is expected to generate up to $80 million in revenue over the next three years.
Furthermore, Soluna Holdings announced Project Rosa, a green data center project offering up to 187 megawatts of capacity, powered by an adjacent 240 MW wind farm in Texas. The company also decided not to proceed with prepaid equity advances under a previously executed Standby Equity Purchase Agreement with YA II PN, LTD, instead opting to adhere to the original terms.
Stockholders recently voted in favor of the issuance of common stock that may exceed Nasdaq's exchange cap and the modification of the company's stock incentive plan. These votes reflect stockholder approval for both the issuance of common stock and the modification of the company's stock incentive plan.
These recent developments, advised by Northland Capital Markets, BitOoda Technologies, and Imperial Capital, are part of Soluna Holdings' ongoing efforts to expand its green data center and hosting services. The company's various projects, including Project Dorothy 2, Project Sophie, and Project Kati, are making significant progress. Soluna Holdings has also appointed John Tunison as its new Chief Financial Officer.
InvestingPro Insights
The recent sale of preferred stock by Soluna Holdings' Chief People Officer comes at a time when the company faces several financial challenges, as highlighted by InvestingPro data and tips. Soluna's market cap stands at a modest $28.21 million, reflecting its small-cap status.
InvestingPro Tips indicate that Soluna is "quickly burning through cash" and that its "short term obligations exceed liquid assets." These factors may explain why a company executive has chosen to liquidate a portion of their holdings. Additionally, the stock "has fared poorly over the last month," with InvestingPro data showing a 22.35% decline in the one-month price total return.
Despite these challenges, Soluna has shown impressive revenue growth, with a 163.5% increase in the last twelve months as of Q3 2024. However, this growth hasn't translated into profitability, as the company is "not profitable over the last twelve months," according to another InvestingPro Tip.
For investors seeking a more comprehensive analysis, InvestingPro offers 5 additional tips that could provide valuable insights into Soluna's financial health and market performance.
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