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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Stronghold Digital Mining Inc | NASDAQ:SDIG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.20 | -6.43% | 2.91 | 2.33 | 6.00 | 3.14 | 2.83 | 3.14 | 277,081 | 05:00:09 |
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|
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(Commission File Number)
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(IRS Employer Identification No.)
|
|
|
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(Address of principal executive offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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||
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|
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Item 8.01 |
Other Information
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Item 9.01 |
Financial Statements and Exhibits
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(b)
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Pro Forma Financial Information.
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• |
Unaudited pro forma condensed consolidated balance sheet as of September 30, 2023;
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• |
Unaudited pro forma condensed consolidated statement of operations for the nine months ended September 30, 2023; and
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• |
Notes to unaudited pro forma condensed consolidated financial statements.
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Exhibit Number
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Description
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|
Unaudited pro forma condensed consolidated financial information of the Company as of and for the nine months ended September 30, 2023
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||
104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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STRONGHOLD DIGITAL MINING, INC.
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||
Date: December 5, 2023
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By:
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/s/ Gregory A. Beard
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Name:
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Gregory A. Beard
|
|
Title:
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Chief Executive Officer and Chairman
|
|
Historical
|
Pro Forma Adjustments
|
|
Pro Forma
|
|||||||||
|
September 30, 2023
|
November 2023
Series D Exchange
|
Notes
|
September 30, 2023
|
|||||||||
ASSETS:
|
|||||||||||||
Cash and cash equivalents
|
$
|
4,979,299
|
$
|
-
|
$
|
4,979,299
|
|||||||
Digital currencies
|
641,999
|
-
|
641,999
|
||||||||||
Accounts receivable
|
486,706
|
-
|
486,706
|
||||||||||
Inventory
|
3,143,284
|
-
|
3,143,284
|
||||||||||
Prepaid insurance
|
1,842,250
|
-
|
1,842,250
|
||||||||||
Due from related parties
|
97,288
|
-
|
97,288
|
||||||||||
Other current assets
|
1,137,834
|
-
|
1,137,834
|
||||||||||
Total current assets
|
12,328,660
|
-
|
12,328,660
|
||||||||||
Equipment deposits
|
-
|
-
|
-
|
||||||||||
Property, plant and equipment, net
|
156,481,678
|
-
|
156,481,678
|
||||||||||
Operating lease right-of-use assets
|
1,552,735
|
-
|
1,552,735
|
||||||||||
Land
|
1,748,440
|
-
|
1,748,440
|
||||||||||
Road bond
|
211,958
|
-
|
211,958
|
||||||||||
Security deposits
|
348,888
|
-
|
348,888
|
||||||||||
Other noncurrent assets
|
155,992
|
-
|
155,992
|
||||||||||
TOTAL ASSETS
|
$
|
172,828,351
|
$
|
-
|
$
|
172,828,351
|
|||||||
LIABILITIES:
|
|||||||||||||
Accounts payable
|
$
|
14,666,753
|
$
|
-
|
$
|
14,666,753
|
|||||||
Accrued liabilities
|
9,638,819
|
94,274
|
(a)
|
9,733,093
|
|||||||||
Financed insurance premiums
|
1,112,558
|
-
|
1,112,558
|
||||||||||
Current portion of long-term debt, net of discounts and issuance fees
|
1,654,634
|
-
|
1,654,634
|
||||||||||
Current portion of operating lease liabilities
|
748,369
|
-
|
748,369
|
||||||||||
Due to related parties
|
451,367
|
-
|
451,367
|
||||||||||
Total current liabilities
|
28,272,500
|
94,274
|
28,366,774
|
||||||||||
Asset retirement obligation
|
1,062,677
|
-
|
1,062,677
|
||||||||||
Warrant liabilities
|
5,434,420
|
-
|
5,434,420
|
||||||||||
Long-term debt, net of discounts and issuance fees
|
57,653,823
|
-
|
57,653,823
|
||||||||||
Long-term operating lease liabilities
|
899,576
|
-
|
899,576
|
||||||||||
Contract liabilities
|
560,510
|
-
|
560,510
|
||||||||||
Total liabilities
|
93,883,506
|
94,274
|
93,977,780
|
||||||||||
COMMITMENTS AND CONTINGENCIES
|
|||||||||||||
REDEEMABLE COMMON STOCK:
|
|||||||||||||
Common Stock - Class V; $0.0001 par value; 34,560,000 shares authorized and 2,405,760 shares issued and outstanding
|
10,563,277
|
-
|
10,563,277
|
||||||||||
Total redeemable common stock
|
10,563,277
|
-
|
10,563,277
|
||||||||||
STOCKHOLDERS’ EQUITY (DEFICIT):
|
|||||||||||||
Common Stock – Class A; $0.0001 par value; 685,440,000 shares authorized; 7,876,688 shares issued and outstanding.
|
788
|
-
|
788
|
||||||||||
Series C convertible preferred stock; $0.0001 par value; 23,102 shares authorized; 5,990 shares issued and
outstanding.
|
2
|
(2
|
)
|
(b)
|
-
|
||||||||
Series D convertible preferred stock; $0.0001 par value; 15,582 shares authorized; 15,582 shares issued and
outstanding.
|
-
|
2
|
(b)
|
2
|
|||||||||
Accumulated deficits
|
(321,126,596
|
)
|
20,492,568
|
(b)
|
(300,634,028
|
)
|
|||||||
Additional paid-in capital
|
389,507,374
|
(20,586,842
|
)
|
(a) (b)
|
368,920,532
|
||||||||
Total stockholders' equity (deficit)
|
68,381,568
|
(94,274
|
)
|
68,287,294
|
|||||||||
Total redeemable common stock and stockholders' equity (deficit)
|
78,944,845
|
(94,274
|
)
|
78,850,571
|
|||||||||
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)
|
$
|
172,828,351
|
$
|
-
|
$
|
172,828,351
|
Historical
|
Pro Forma Adjustments
|
|
Pro Forma
|
||||||||||
|
Nine Months Ended
September 30, 2023
|
November 2023
Series D Exchange
|
Notes
|
Nine Months Ended
September 30, 2023
|
|||||||||
OPERATING REVENUES:
|
|||||||||||||
Cryptocurrency mining
|
$
|
37,764,990
|
$
|
-
|
$
|
37,764,990
|
|||||||
Energy
|
4,682,590
|
-
|
4,682,590
|
||||||||||
Cryptocurrency hosting
|
9,195,072
|
-
|
9,195,072
|
||||||||||
Capacity
|
1,442,067
|
-
|
1,442,067
|
||||||||||
Other
|
142,194
|
-
|
142,194
|
||||||||||
Total operating revenues
|
53,226,913
|
-
|
53,226,913
|
||||||||||
OPERATING EXPENSES:
|
|||||||||||||
Fuel
|
22,262,141
|
-
|
22,262,141
|
||||||||||
Operations and maintenance
|
24,206,080
|
-
|
24,206,080
|
||||||||||
General and administrative
|
25,145,444
|
-
|
25,145,444
|
||||||||||
Depreciation and amortization
|
26,025,021
|
-
|
26,025,021
|
||||||||||
Loss on disposal of fixed assets
|
108,367
|
-
|
108,367
|
||||||||||
Realized gain on sale of digital currencies
|
(725,139
|
)
|
-
|
(725,139
|
)
|
||||||||
Impairments on digital currencies
|
683,241
|
-
|
683,241
|
||||||||||
Impairments on equipment deposits
|
5,422,338
|
-
|
5,422,338
|
||||||||||
Total operating expenses
|
103,127,493
|
-
|
103,127,493
|
||||||||||
NET OPERATING LOSS
|
(49,900,580
|
)
|
-
|
(49,900,580
|
)
|
||||||||
OTHER INCOME (EXPENSE):
|
|||||||||||||
Interest expense
|
(7,428,530
|
)
|
-
|
(7,428,530
|
)
|
||||||||
Loss on debt extinguishment
|
(28,960,947
|
)
|
-
|
(28,960,947
|
)
|
||||||||
Changes in fair value of warrant liabilities
|
5,580,453
|
-
|
5,580,453
|
||||||||||
Other
|
45,000
|
-
|
45,000
|
||||||||||
Total other income (expense)
|
(30,764,024
|
)
|
-
|
(30,764,024
|
)
|
||||||||
NET LOSS
|
$
|
(80,664,604
|
)
|
$
|
-
|
$
|
(80,664,604
|
)
|
|||||
NET LOSS attributable to noncontrolling interest
|
(26,663,731
|
)
|
-
|
(26,663,731
|
)
|
||||||||
Deemed contribution from exchange of Series C convertible preferred stock
|
-
|
20,492,568
|
(c)
|
20,492,568
|
|||||||||
NET LOSS attributable to Stronghold Digital Mining, Inc.
|
$
|
(54,000,873
|
)
|
$
|
20,492,568
|
$
|
(33,508,305
|
)
|
|||||
NET LOSS attributable to Class A common shareholders:
|
|||||||||||||
Basic
|
$
|
(8.93
|
)
|
$
|
(5.54
|
)
|
|||||||
Diluted
|
$
|
(8.93
|
)
|
$
|
(5.54
|
)
|
|||||||
Weighted average number of Class A common shares outstanding:
|
|||||||||||||
Basic
|
6,047,891
|
6,047,891
|
|||||||||||
Diluted
|
6,047,891
|
6,047,891
|
(a) |
Reflects an increase in accrued liabilities of approximately $0.1 million for legal transaction fees incurred as part of the Series D Exchange Transaction, offset by a decrease in additional paid-in capital.
|
(b) |
Reflects an increase in Series D Preferred Stock, offset by a decrease in Series C Preferred Stock associated with the Series D Exchange Transaction. The pro forma balance sheet as of September 30, 2023, also
reflects a change in accumulated deficit and additional paid-in capital of approximately $20.5 million, which represents a deemed contribution resulting from a change in fair value associated with the newly-issued Series D Preferred Stock.
|
(c) |
Reflects a deemed contribution of approximately $20.5 million resulting from the extinguishment of the shares of Series C Preferred Stock associated with the Series D Exchange Transaction. This deemed
contribution represents the difference between the carrying value of the existing Series C Preferred Stock and the estimated fair value of the newly-issued Series D Preferred Stock.
|
Document and Entity Information |
Dec. 05, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Dec. 05, 2023 |
Entity File Number | 001-40931 |
Entity Registrant Name | Stronghold Digital Mining, Inc. |
Entity Central Index Key | 0001856028 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 86-2759890 |
Entity Address, Address Line One | 595 Madison Avenue |
Entity Address, Address Line Two | 28th Floor |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10022 |
City Area Code | 212 |
Local Phone Number | 967-5294 |
Title of 12(b) Security | Class A common stock, par value $0.0001 per share |
Trading Symbol | SDIG |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year Stronghold Digital Mining Chart |
1 Month Stronghold Digital Mining Chart |
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