Stronghold (NASDAQ: SDIG) has announced financial results for its first quarter ended March 31, 2022 and provided an operational update. Among the highlights, the company reported the removal of approximately 279,000 tons of coal refuse and return of approximately 179,000 tons of beneficial use ash to waste coal sites during the first quarter of 2022, facilitating the remediation of these sites. In addition, the company issued approximately $33.8 million aggregate principal notes on May 15, 2022, bearing a coupon of 10.0% and a maturity date of May 15, 2024, plus approximately 6.3 million warrants, with a strike price of $2.50, to certain investors. “Since we reported FY 2021 earnings on March 29, 2022, we believe that we have made significant progress on enhancing our operations, and we are executing on our goal of exceeding 4 EH/s by the end of the year,” said Greg Beard, co-chairman and chief executive officer of Stronghold. “Earlier in the year, Stronghold chose to de-emphasize growth to focus on capital discipline and financial flexibility, and recent operational and financial initiatives, including our recent issuance of the notes, have helped de-risk our funding needs, despite recent volatility in cryptocurrency markets.”
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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 and Panther Creek Plant, both of which are low-cost, environmentally beneficial coal refuse power generation facilities in Pennsylvania. For more information about the company, visit www.StrongholdDigitalMining.com.
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