Stronghold Digital Mining Announces $10 Million Private Placement to Fund Purchase of Bitcoin Miners

NEW YORK, April 21, 2023 (GLOBE NEWSWIRE) — Stronghold Digital Mining, Inc. (NASDAQ:SDIG) (“Stronghold”, or the “Company”) today announced that it has entered into securities purchase agreements with an institutional investor and the Company’s chairman and chief executive officer, Greg Beard (collectively the “Purchasers”), to sell 9,000,000 shares of Class A Common Stock and share equivalents to the institutional investor and 1,000,000 shares of Class A Common Stock to Mr. Beard, in each case at a price of $1.00 per share equivalent (the “Private Placement”). The Company will also issue to the Purchasers warrants to purchase an aggregate of 10,000,000 shares of Class A Common Stock, with an initial exercise price of $1.10 per share (subject to adjustments), and such warrants will not be exercisable until six months after issuance.

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