Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 17

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 17
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, as well as all materials that we file electronically with the SEC, including
our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, filed or
furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after electronically filing such materials
with, or furnishing them to, the SEC. The SEC maintains an Internet website, www.sec.gov, that contains reports, proxy and information
statements and other information that we file electronically with the SEC.

We are a “smaller reporting company” as
defined in Rule 12b-2 of the Exchange Act and have elected to take advantage of certain of the scaled disclosure available for smaller
reporting companies in this prospectus as well as our filings under the Exchange Act.

| 7 |

<div align='center'>THE OFFERING</div>

| Shares of Common Stock offered by the Selling 
 Holders                                       |     | ● | 1,487,128 shares of Common Stock that we may, at our discretion, elect to issue and sell the Investor from time to time after the date of this prospectus, pursuant to the SEPA; |
|                                               |     | ● | 140,000 shares of Common Stock issuable upon the exercise of the Warrants issued to the Series B Holder; and                                                                     |
|                                               |     | ● | 308,642 Release Shares issued to the two other Selling Holders.                                                                                                                  |

| Common Stock outstanding before                       
 this offering                                         |     | 12,508,045 shares of Common Stock as of April 17,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
 2025.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Common stock to be outstanding immediately after this 
 offering                                              |     | 14,135,173 shares of Common Stock, assuming the sale of 1,935,770 shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
 of Common Stock in this offering.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
 The actual number of shares of our Common Stock issued pursuant to the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 SEPA will vary, depending on advance requests by us.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Use of Proceeds                                       |     | We will not receive any proceeds from the shares of Common                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
 Stock offered by the Selling Holders pursuant to this prospectus. Please see the section titled “Use of Proceeds”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
 on page 18 of this