Bitcoin miner Stronghold Digital continues to reduce its debt, by issuing convertible stock to its noteholders. $SDIG egreechee reports
Under this morning's announced agreement, the 10% convertible notes will be extinguished in exchange for a new series of convertible preferred shares with face value of about $23.1 million.
The preferred shares will be convertible into common stock at a conversion price of $0.40 per share. If all the preferred stock is converted, about 57.8 million shares of common shares would be issued, adding about 46% to the current common float, according to the company. The new preferred stock bears no dividend.
As of the end of 2022, Stronghold had approximately $12.4 million of unrestricted cash and about 6 bitcoin .
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