Stronghold Digital Mining announces additional cost savings, $9M private placement

Stronghold Digital Mining (NASDAQ:SDIG) said Tuesday it identified a additional annualized cost savings and announced a $9M private placement.SDIG identified ~$8M-$11M of potential annualized cost savings, including cost savings resulting from internalization of support services and completion of certain non-recurring power plant upgrades.~$2.5M of cost cuts are complete, with ~$6M in additional planned reductions and additional $2.5M under review by SDIG.Under the private placement, an institutional investor and CEO Greg Beard will buy 5M and 602.6K class A shares at $1.60 and $1.66 apiece, respectively, as well as warrants to buy 5.6M class A shares.The warrants will have an initial exercise price of $1.75/share and will expire five years from the date of issue.The non-brokered private placement is expected to close on or about Sept. 15.Proceeds will be used for general corporate purposes, including potential acquisition of bitcoin miners.SDIG stock, which ended ~13% lower on Tuesday, gained 4.8% in aftermarket trade.