Stronghold Digital Mining Announces CFO Transition
October 25 2024 - 3:30PM
Stronghold Digital Mining, Inc. (the “Company”)
today announced that Chief Financial Officer Matthew Smith will
resign from his position, effective November 15, 2024, after the
Company files its Quarterly Report on Form 10-Q for the third
quarter of 2024. Mr. Smith will also step down from the Company’s
Board of Directors at that time. Mr. Smith’s resignation was not
due to any disagreement with the Company on any matter relating to
the Company’s operations, policies or practices, including
accounting principles and practices.
Following his departure, the Company intends to retain Mr. Smith
as a consultant to assist with the transition of his
responsibilities for a period of time. Currently, the Company does
not intend to fill the vacancy on the Board that will be created
following the effective date of Mr. Smith’s resignation. The
Company thanks Mr. Smith for his contributions over the past three
years.
About Stronghold Digital Mining, Inc.Stronghold
is a vertically integrated Bitcoin mining company with an emphasis
on environmentally beneficial operations. Stronghold houses its
miners at its wholly owned and operated Scrubgrass Plant and
Panther Creek Plant, both of which are low-cost, environmentally
beneficial coal refuse power generation facilities in
Pennsylvania.
Forward Looking Statements of
Stronghold:Certain statements contained in this press
release, including guidance, constitute “forward-looking
statements.” within the meaning of the Private Securities
Litigation Reform Act of 1995. You can identify forward-looking
statements because they contain words such as “believes,”
“expects,” “may,” “will,” “should,” “seeks,” “approximately,”
“intends,” “plans,” “estimates” or “anticipates” or the negative of
these words and phrases or similar words or phrases which are
predictions of or indicate future events or trends and which do not
relate solely to historical matters. Forward-looking statements and
the business prospects of Stronghold are subject to a number of
risks and uncertainties that may cause Stronghold’s actual results
in future periods to differ materially from the forward-looking
statements, including with respect to its potential carbon capture
initiative and with respect to completing a strategic review
process or entering into a transaction. These risks and
uncertainties include, among other things: the hybrid nature of our
business model, which is highly dependent on the price of Bitcoin;
our dependence on the level of demand and financial performance of
the crypto asset industry; our ability to manage growth, business,
financial results and results of operations; uncertainty regarding
our evolving business model; our ability to retain management and
key personnel and the integration of new management; our ability to
raise capital to fund business growth; our ability to maintain
sufficient liquidity to fund operations, growth and acquisitions;
our substantial indebtedness and its effect on our results of
operations and our financial condition; uncertainty regarding the
outcomes of any investigations or proceedings; our ability to enter
into purchase agreements, acquisitions and financing transactions;
public health crises, epidemics, and pandemics such as the
coronavirus pandemic; our ability to procure crypto asset mining
equipment from foreign-based suppliers; our ability to maintain our
relationships with our third-party brokers and our dependence on
their performance; our ability to procure crypto asset mining
equipment including to upgrade our current fleet; developments and
changes in laws and regulations, including increased regulation of
the crypto asset industry through legislative action and revised
rules and standards applied by The Financial Crimes Enforcement
Network under the authority of the U.S. Bank Secrecy Act and the
Investment Company Act; the future acceptance and/or widespread use
of, and demand for, Bitcoin and other crypto assets; our ability to
respond to price fluctuations and rapidly changing technology; our
ability to operate our coal refuse power generation facilities as
planned; our ability to remain listed on a stock exchange and
maintain an active trading market; our ability to avail ourselves
of tax credits for the clean-up of coal refuse piles; legislative
or regulatory changes, and liability under, or any future inability
to comply with, existing or future energy regulations or
requirements; our ability to replicate and scale the carbon capture
project; our ability to manage costs related to the carbon capture
project; and our ability to monetize our carbon capture project,
including through the private market; our ability to qualify for,
obtain, monetize or otherwise benefit from the Puro registry and
Section 45Q tax credits, our ability to timely complete a strategic
review process and our ability to consummate a transaction in
connection with such process, in part or at all, our ability to
qualify for demand response programs, our ability to qualify as PJM
“In Network” load, our ability to prepare our sites for and execute
on GPU computing initiatives and our ability to expand the power
capacity at our sites. More information on these risks and other
potential factors that could affect our financial results are
included in our filings with the SEC, including in the “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” sections of our Annual Report
on Form 10-K filed on March 8, 2024, and in our subsequently filed
Quarterly Reports on Form 10-Q. Any forward-looking statement or
guidance speaks only as of the date as of which such statement is
made, and, except as required by law, we undertake no obligation to
update or revise publicly any forward-looking statements or
guidance, whether because of new information, future events, or
otherwise.
Contacts:
Stronghold Digital Mining, Inc. Investor
Contact:Matt Glover or Alec WilsonGateway Group, Inc.
SDIG@gateway-grp.com1-949-574-3860
Media Contact:contact@strongholddigitalmining.com
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