Stronghold Digital Mining Announces $9 Million Private Placement
Vinson & Elkins advised Stronghold Digital Mining, Inc. (the “Company”) in a private placement transaction with each an institutional investor and the Company’s co-chairman and chief executive officer, Greg Beard, in the sale and issuance of 2,274,350 and 602,409 shares of Class A common stock at a purchase price of $1.60 and $1.66, respectively, pre-funded warrants to purchase 2,725,650 shares and warrants to purchase an aggregate 5,602,409 shares.
Gross proceeds from the non-brokered private placement are approximately $9.0 million before deducting offering expenses. The transaction closed on September 19, 2022.
The V&E team was led by partners Shelley Barber, Daniel LeBey and Brenda Lenahan, senior associates Alex Lewis and Lucy Liu and associates Judy Park and Emily Kercheville. Also assisting were partners Ryan Carney and Jason McIntosh, counsel Allyson Seger and associate Sarah Coe; partner Shane Tucker and associate Matt Green; counsel Rajesh Patel and associate Marcus Martinez; partner Larry Nettles, counsel Larry Pechacek and associate Simon Willis; and associates Nina Ramachandran and Kelli Westmoreland.
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