Company: SLNH
Filing Date: 2025-07-17
Form Type: 424B4
Source: 0001641172-25-019981
Chunk: 9

Company: Soluna Holdings, Inc
Filing Date: 2025-07-17
Form: 424B4
Chunk 9
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 (“GPUs”)-as-a-Service in partnership with Hewlett Packard Enterprise Company (“HPE”), offering GPU resources to startups, enterprises, and GPU marketplaces for a fee. In March 2025, we terminated our agreement with HPE.

We are currently developing new infrastructure projects intended to support AI and HPC workloads. These efforts include engagement with potential joint venture partners, conducting site and feasibility studies, securing access to power and land, and performing other early-stage development activities.

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Our first planned AI/HPC colocation project is Project Kati, which is in advanced development. Additional projects, including the announced Project Rosa, are also in progress. For the year ended December 31, 2024, we generated minimal revenue from our HPC Business.

Demand Response Business

We provide demand response services to grid operators and utilities by leveraging our data centers as dispatchable energy resources. In select states where we operate, our data centers are enrolled in ancillary services programs that support grid reliability.

Under these programs, we commit to reducing a facility’s power consumption to a predetermined level when called upon by the grid operator. In return, we receive compensation for maintaining this dispatch capability, provided we meet specific performance criteria. For example, to qualify for compensation in a given period-typically monthly-the data center must meet minimum uptime and availability requirements.

For the year ended December 31, 2024, our Demand Response Business represented approximately 6% of total revenue.

Recent Developments

ATM Agreement

On April 29, 2025, we entered into an At the Market Offering Agreement (the “ATM Agreement”) with the placement agent, pursuant to which we may offer and sell, from time to time, through the placement agent, up to $3.75 million of shares of common stock. We will pay the placement agent a commission of 3.0% of the aggregate gross proceeds from each sale of shares and have agreed to provide the placement agent with customary indemnification and contribution rights.

The shares of common stock sold under the ATM Agreement will be offered and sold pursuant to our effective shelf registration statement on Form S-3 (File No. 333-286638) filed by us with the SEC on April 18, 2025, and declared effective by the SEC on April 29, 2025.

Soluna Cloud - Termination of HPE Agreement

Soluna launched Project Ada- its GPU-as-a-Service business, via Soluna Cloud, Inc. (“