Stronghold Digital Mining, Inc.Announces Closing of Its Initial Public Offering, Including Full Exercise of the Underwriters’ Option to Purchase Additional Shares of Class A Common Shares

NEW YORK, October 22, 2021 (GLOBE NEWSWIRE) – Stronghold Digital Mining, Inc. (NASDAQ: SDIG) (“Stronghold”) today announced the closing of its initial public offering of 7,690,400 Class A common shares at $ 19.00 per share, which includes the full exercise by the underwriters of their option to purchase up to 1,003,095 additional Class A common shares. The Class A common shares began trading on the Nasdaq Global Market on October 20, 2021, under the symbol “SDIG”.

The net proceeds received by Stronghold from the offering (after deducting subscription rebates and commissions and estimated offering fees) were approximately $ 132.5 million. Stronghold intends to pay the net proceeds of this offering to Stronghold Digital Mining Holdings LLC (“Stronghold LLC”) in exchange for Class A common units of Stronghold LLC. Stronghold LLC will use the proceeds for general corporate purposes including the acquisition of miners and power generation assets.

B. Riley Securities and Cowen acted as co-managers, Tudor, Pickering, Holt & Co. as lead manager and DA Davidson & Co., Compass Point and Northland Capital Markets acted as co-managers of the offer.

The offer of these securities has been made only by means of a written prospectus. A copy of the final prospectus relating to these securities can be obtained free of charge from: B. Riley Securities, Inc., Attention: Prospectus Department, 1300 North 17th Street, Suite 1300, Arlington, Virginia 22209, Telephone: + 1-703- 312 -9580, Email: prospectus@brileyfin.com or Cowen and Company, LLC, c / o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, Phone: + 1-833-297-2926, E-mail: PostSaleManualRequests@broadridge.com.

A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission (the “SEC”), and an additional registration statement relating to the offering has been filed with the SEC under Rule 462 (b) under the Securities Act of 1933, as amended, which came into effect automatically upon filing. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal. before registration or qualification. under the securities laws of any such state or jurisdiction.

About Stronghold Digital Mining, Inc.
Stronghold is a vertically integrated Bitcoin mining company that emphasizes environmentally friendly operations. Stronghold houses its miners at its wholly-owned and operated Scrubgrass plant, a low-cost, environmentally friendly waste coal power generation facility in Pennsylvania.

Caution regarding forward-looking statements
Certain statements contained in this press release constitute “forward-looking statements”. These forward-looking statements, including statements regarding Stronghold’s use of the proceeds of the offering, represent Stronghold’s expectations or beliefs regarding future events, and the results described in this press release may not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are beyond Stronghold’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statement is only valid as of the date on which it is made and, except as required by law, Stronghold assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, events or other. New factors appear from time to time, and Stronghold cannot predict all of these factors. When reviewing these forward-looking statements, you should keep in mind the risk factors and other caveats contained in the prospectus filed with the SEC in connection with Stronghold’s initial public offering. Risk factors and other factors mentioned in Stronghold’s prospectus could cause its actual results to differ materially from those contained in any forward-looking statement.

Investor contact:

Matt Glover or Jeff Grampp, CFA
Gateway Group, Inc.
SDIG@GatewayIR.com
1-949-574-3860

Media contact:

contact@strongholddigitalmining.com

About Barbara J. Ross

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