Mergers & Acquisitions ·
Soluna and Applied Digital form JV for $50MW AI data center; Soluna issues warrant to buy up to 7.64M shares at $0.74
SLNHSoluna Holdings, Inc
Soluna Holdings, Inc. and certain affiliates of Applied Digital Corporation entered into a Subscription Agreement to form a jointly owned company to develop a planned 50 megawatt Critical I.T. data center for artificial intelligence and high-performance computing at Project Dorothy 3 in Texas. Soluna will acquire a 49% interest in the Project Company, while Applied will hold 51%. As consideration, Soluna receives an attributed value of $18,750,000 via ground sublease terms, and Applied contributes approximately $19,515,306 in cash. The closing is expected by December 1, 2026, subject to conditions including a tax abatement vote. Additionally, Soluna will issue a warrant to purchase up to 7,644,444 shares of common stock at an exercise price of $0.74 per share. Soluna Holdings operates in the energy and data center infrastructure sector.