Soluna Holdings (SLNH) said Thursday it has now met the conditions to access its previously announced $25 million standby equity purchase agreement with a fund managed by Yorkville Advisors Global.

The company said it signed various deals with its convertible noteholders and the holder of its series B preferred stock to help pave the way to the $25 million deal.

Soluna will use the proceeds to fund "critical" Soluna Cloud artificial intelligence operations and data-center development activities, among other things, it said.

The company's shares were up 4.9% in recent trading.

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