Stronghold Digital Mining, Inc. (NasdaqGM:SDIG) may look for acquisitions. Stronghold Digital Mining has entered into a securities purchase agreement with each of an institutional investor and the company's co-chairman and CEO, Greg Beard, to purchase 5,000,000 and 602,609 shares of Class A common stock at a purchase price of $1.60 and $1.66, respectively, and warrants to purchase an aggregate 5,602,409 shares of Class A common stock. The warrants will have an initial exercise price of $1.75 per share and will expire five years from the date of issuance.

Gross proceeds from the non-brokered private placement are expected to be approximately $9M before deducting offering expenses. The closing of the private placement is expected to occur on or about September 15, 2022, subject to the satisfaction of customary closing conditions. The proceeds from the private placement will be used for general corporate purposes, which may include future acquisition of Bitcoin miners.