Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 22

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 22
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 Investor under the SEPA may be limited
by the number of our authorized shares of Common Stock. As of April 17, 2025, we were authorized to issue a maximum of 75 million
shares of Common Stock, and we had an aggregate of 12,508,045 shares of Common Stock outstanding. Assuming a (i) Market Price of $0.62
and, (ii) no beneficial ownership limitations, we may issue up to 38,633,651 shares of Common Stock under Pricing Option 1 and up to
38,235,366 shares of Common Stock under Pricing Option 2, which would reflect approximately 309% and 306%, respectively, of the outstanding
shares of our Common Stock as of the date hereof after giving effect to such issuances. This does not include consent fees paid to a
Selling Holder in connection with advances under the SEPA.

On November 15, 2024, at a Special Meeting of Stockholders
and pursuant to the rules of the Nasdaq Capital Market, we obtained stockholder approval to issue to the Investor, pursuant to the SEPA,
shares of Common Stock that exceed 19.99% of the shares of Common Stock outstanding immediately prior to the execution of the SEPA.

Pursuant to the SEPA, we were required to register
resales of the shares of Common Stock eligible to be sold pursuant to the SEPA. We agreed to file a registration statement and shall not
have the ability to request any advances under the SEPA until the registration statement, of which this prospectus forms a part, is declared
effective.

Fees

As consideration for the Investor’s entry into
the SEPA, we paid to the Investor a non-refundable due diligence fee of $25,000 and issued 59,382 shares of Common Stock to the the Investor
as consideration for its irrevocable commitment to purchase shares of Common Stock at our direction, from time to time after the date
of this prospectus, upon the terms and subject to the conditions set forth in the SEPA (the “Commitment Shares”).

Purchases of Common Stock Under the SEPA

Advance Notice

Pursuant to the SEPA, we will have the right, but
not the obligation, from time to time at our sole discretion for a period of up to 24 months, unless the SEPA is earlier terminated, to
direct the Investor to purchase a specified number of shares of Common Stock, not to