Company: SLNH
Filing Date: 2025-04-18
Form Type: S-3
Source: 0001641172-25-005430
Chunk: 31

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: S-3
Chunk 31
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 the assets of our subsidiaries. In addition, to the extent that we issue any secured debt, the debt securities will be effectively subordinated to such secured debt to the extent of the value of the assets securing such secured debt.

The debt securities will be obligations exclusively of Soluna Holdings, Inc. To the extent that our ability to service our debt, including the debt securities, may be dependent upon the earnings of our subsidiaries, our ability to do so will be dependent on the ability of our subsidiaries to distribute those earnings to us as dividends, loans or other payments.

Certain Covenants

Any covenants that may apply to a particular series of debt securities will be described in the prospectus supplement relating thereto.

Successor Obligor

The indentures provide that, unless otherwise specified in the securities resolution or supplemental indenture establishing a series of debt securities, we shall not consolidate with or merge into, or transfer all or substantially all of our assets to, any person in any transaction in which we are not the survivor, unless:

| ● | the person is organized                                                                                                        
 under the laws of the United States or a jurisdiction within the United States;                                                |
| ● | the person assumes by supplemental                                                                                             
 indenture all of our obligations under the relevant indenture, the debt securities and any coupons;                            |
| ● | immediately after the transaction                                                                                              
 no Default (as defined below) exists; and                                                                                      |
| ● | we deliver to the trustee                                                                                                      
 an officers’ certificate and opinion of counsel stating that the transaction complies with the foregoing requirements and that 
 all conditions precedent provided for in the indenture relating to the transaction have been complied with.                    |

In such event, the successor will be substituted for us, and thereafter all of our obligations under the relevant indenture, the debt securities and any coupons will terminate.

The indentures provide that these limitations shall not apply if our Board makes a good faith determination that the principal purpose of the transaction is to change our state of incorporation.

| 20 |

Exchange of Debt Securities

Registered debt securities may be exchanged for an equal aggregate principal amount of registered debt securities of the same series and date of maturity in such authorized denominations as may be requested upon surrender of the registered debt securities at an agency of the Company maintained for such purpose and upon fulfillment of all other requirements of such agent.

Default and Remedies

Unless the securities resolution or supplemental indenture establishing the series otherwise provides (in which event the prospectus supplement will so state), an “Event of Default” with