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SDIG) to Extinguish Convertible Notes Through Exchange Agreement

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Stronghold Digital Mining (NASDAQ: SDIG), A vertically integrated Bitcoin mining company focused on environmentally beneficial operations has entered into exchange agreements with holders of its amended and restated 10% notes. As a result, approximately $17.9 million of outstanding principal debt and interest will be extinguished in exchange for shares in a new series of convertible preferred stock, according to the announcement. The par value of the new shares is estimated at $23.1 million. Closing, subject to customary terms, will occur as soon as practicable after satisfaction or waiver, but no later than February 20, 2023. We will improve our balance sheet and improve our liquidity position,” Stronghold Digital Mining Co-Chairman and CEO Greg Beard said in a press release. “While we are aware of the large number of shares of common stock that may be issued as a result of exchange agreements, this will preserve cash, reduce financial obligations and potentially prolong virtual We believe this is necessary in order to better position the company to weather the downturn in the currency markets.. Following the execution of the exchange agreement, currently scheduled for February 2023, the company will have a total outstanding principal of 5,500. We believe the transaction will also result in a comprehensive equity reconciliation between Stronghold’s existing shareholders and bondholders, which is stressful for the industry. It’s timely important.”

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About Stronghold Digital Mining

Stronghold is a vertically integrated Bitcoin mining company focused on environmentally beneficial operations. Stronghold houses miners at its wholly owned and operated Scrubgrass and Panther Creek plants, low-cost, environmentally beneficial coal-to-waste power generation facilities in Pennsylvania. For more information about the company, please visit: www.Stronghold Digital Mining.com.

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