Company: SLNH
Filing Date: 2025-05-22
Form Type: S-1
Source: 0001641172-25-012098
Chunk: 38

Company: Soluna Holdings, Inc
Filing Date: 2025-05-22
Form: S-1
Chunk 38
---
 written consent of the Company and the holder of such Common Warrant.

Pre-Funded Warrants

The following summary of certain terms and provisions
of the Pre-Funded Warrants that are being offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions
of the Pre-Funded Warrant, the form of which will be filed as an exhibit to the registration statement of which this prospectus forms
a part. Prospective investors should carefully review the terms and provisions of the form of Pre-Funded Warrant for a complete description
of the terms and conditions of the Pre-Funded Warrants.

Duration and Exercise Price. Each Pre-Funded
Warrant offered hereby will have an initial exercise price per share of common stock equal to $0.001. The Pre-Funded Warrants will be
immediately exercisable and will expire when exercised in full. The exercise price and number of shares of common stock issuable upon
exercise is subject to appropriate adjustment in the event of share dividends, share splits, reorganizations or similar events affecting
our shares of common stock and the exercise price.

Exercisability. The Pre-Funded Warrants
will be exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied
by payment in full for the number of shares of common stock purchased upon such exercise (except in the case of a cashless exercise as
discussed below). A holder (together with its affiliates) may not exercise any portion of the Pre-Funded Warrant to the extent that the
holder would own more than 4.99% of the outstanding shares of common stock immediately after exercise, except that upon at least 61 days’
prior notice from the holder to us, the holder may increase the amount of beneficial ownership of outstanding shares after exercising
the holder’s Pre-Funded Warrants up to 9.99% of the number of our shares of common stock outstanding immediately after giving effect
to the exercise, as such percentage ownership is determined in accordance with the terms of the Pre-Funded Warrants. Purchasers of Pre-Funded
Warrants in this offering may also elect prior to the issuance of the Pre-Funded warrants to have the initial exercise limitation set
at 9.99% of our outstanding shares of common stock.

Cashless Exercise. In lieu of making the
cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price,