Odaily Planet Daily News Bitcoin mining company Stronghold Digital Mining announced that it has signed a transaction agreement with the company's amended and restated 10% note holders, and all approximately $17.9 million of outstanding debt principal and interest accrued upon maturity of the notes will be repaid in exchange for new convertible preferred shares (Series C preferred shares) with a par value of approximately $23.1 million. Series C preferred shares will be converted into shares of the company's Class A common stock at a conversion price of $0.40 per share, or pre-financing warrants that can be exercised for Class A common stock shares. According to the transaction agreement, the latest completion date for the transaction is February 20, 2023. Greg Beard, co-chairman and CEO of Stronghold, said, "We have announced another deleveraging transaction that is expected to significantly reduce our debt, strengthen our balance sheet, and improve our liquidity position. After the transaction agreement is completed in February 2023, the company expects the total principal of outstanding debt to be less than $55 million." As of December 31, 2022, Stronghold had approximately $12.4 million in unrestricted cash and approximately 6 bitcoins on hand. (Globenewswire)