Soluna Seeks Shareholder Approval for Expanded Stock Issuance

Soluna Holdings is seeking to expand its ability to issue stock through two proposals set for shareholder vote at its annual meeting on October 16. The company wants to increase its authorized common stock from 375 million shares to 1 billion, and also allow itself to issue more than 20% of its outstanding shares under a standby equity agreement with YA II PN.

The proposals aim to provide Soluna's management with greater flexibility in financing its expansion plans, particularly for Project Dorothy 3, an AI and high-performance computing campus in Texas. The project requires substantial capital and has only secured 397 acres for the initial buildout so far. Soluna has also acquired the 150 MW Briscoe Wind Farm for $53 million to support the broader Dorothy complex.

The company is also beginning to extract more revenue from its existing infrastructure, with a recent agreement signed with Bitdeer to deploy Bitcoin-mining equipment at Project Kati 1 in Texas. The structure of the agreement allows Soluna to share mining proceeds without needing to fund the mining hardware itself.

Currently, Soluna operates about 192 MW and has another 14 MW under construction, while its 6.3 GW pipeline remains largely unbuilt, with only 3% energized so far.