Update Winter v. Stronghold Digital Mining, Inc., et al., Case No. 1:22-cv-03088-RA

A settlement has been reached on behalf of persons and entities who or which purchased or otherwise acquired Stronghold's Class A common stock on or before December 20, 2021, pursuant and/or traceable to the Offering Documents issued in connection the Company's October 2021 initial public offering ("IPO") and were damaged thereby.  The settlement provides for the payment of $4.75 Million in cash and the US dollar value of 25 bitcoins to eligible class members.  The settlement agreement was preliminarily approved on December 16, 2024. 

The complaint alleged violations of §§ 11, 12(a)(2) and 15 of the Securities Act of 1933 based on the defendants’ alleged false and misleading statements, during its IPO, concerning the delivery targets for Stronghold's agreements with Bitcoin miner suppliers, the computing power that Stronghold expected from the miners its purchased, and Stronghold's ability to reach certain computing power levels across the Company's entire mining operations by December 31, 2021.  

The proof of claim deadline is April 4, 2025, and the hearing on the Motion for Final Approval of the settlement is scheduled for April 11, 2025.