Company: SLNH
Filing Date: 2025-05-22
Form Type: S-1
Source: 0001641172-25-012098
Chunk: 41

Company: Soluna Holdings, Inc
Filing Date: 2025-05-22
Form: S-1
Chunk 41
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enforce the following covenants uniquely available to them under the securities purchase agreement: (i) a covenant to not enter into
variable rate financings for a period of following the closing of the
offering, subject to an exception; and (ii) a covenant to not enter into any equity financings for
days from closing of the offering, subject to certain exceptions.

| 18 |

The nature of the representations, warranties
and covenants in the securities purchase agreements will include:

| ● | standard and customary issuer representations and warranties on matters such as due organization, qualification, authorization, no conflict, no governmental filings required, currentness and accuracy of SEC filings, absence of litigation, labor or other compliance issues, environmental, intellectual property and title matters and compliance with various laws such as the Foreign Corrupt Practices Act; and |
| ● | covenants regarding matters such as registration of the offering of the warrant shares, the filing of a Current Report on Form 8-K to disclose entering into these securities purchase agreements, the providing of material nonpublic information, use of proceeds, indemnification of purchasers, reservation and listing of common stock, and prohibitions on subsequent equity sales for          days.             |

Delivery of the securities offered hereby is expected
to occur on or about , 2025, subject to satisfaction of certain customary closing conditions.

Fees and Expenses

The following table shows the per share and accompanying
Common Warrants, and per Pre-Funded Warrant and accompanying Common Warrants, and total placement agent fees we will pay in connection
with the sale of the securities in this offering.

| Per share and Common Warrants placement agent cash fees              |     | $ |
| Per Pre-Funded Warrant and Common Warrants placement agent cash fees |     | $ |
| Total                                                                |     | $ |

We have agreed to pay the placement agent a total
cash fee equal to 7.0% of the aggregate gross proceeds raised in the offering. We will reimburse the placement agent for reasonable fees
and expenses of legal counsel and other reasonable out-of-pocket expenses in an amount up to $125,000 and its out-of-pocket clearing
expenses in an amount up to $15,950 in connection with this offering. We estimate the total offering expenses of this offering that will
be payable by us, excluding the placement agent fees and expenses, will be approximately $ million. After deducting
the placement agent fees and our estimated offering expenses, we expect the net proceeds from this offering to