Bitcoin mining company Stronghold Digital Mining announced that it has signed a securities purchase agreement with institutional investors and company chairman and CEO Greg Beard, selling 9 million shares of Class A common stock and stock equivalents to institutional investors, and donating 100 shares to Beard 10,000 shares of Class A common stock, priced at the equivalent of $1 in each case. The company will also issue to purchasers warrants to purchase an aggregate of 10,000,000 shares of Class A common stock at an initial exercise price of $1.10 per share, subject to adjustment, and such warrants are not exercisable for six months after issuance. Gross proceeds from the private placement are expected to be $10 million before deducting offering fees, and are expected to be used to acquire additional bitcoin mining machines. The private sale is expected to close on April 21, 2023. Foresight News previously reported that on February 3, Stronghold Digital Mining filed a prospectus with plans to sell 10 million Class A shares to boost its cash reserves.