Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 101

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 101
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 other offering expenses payable
by the Company, but excluding the net proceeds, if any, from the exercise of the Common Warrants, is approximately $4.3 million. The
July 2025 Offering closed on July 17, 2025. As of the date of these condensed financial statements, the Series A and B warrants have
been fully exercised raising an additional $10.0 million in gross proceeds.

50

Recent
Developments

Increase in Authorized Shares

On November 7, 2025, the Company held a Special
Meeting of Stockholders (the “Special Meeting”) at which, among other matters of business acted upon, the Company’s
stockholders approved an amendment to the Company’s Articles of Incorporation, as amended, to increase the Company’s authorized
shares of common stock from 75,000,000 shares to 375,000,000 shares (the “Certificate of Amendment”). On November 7, 2025,
the Company filed the Certificate of Amendment with the Secretary of State of the State of Nevada, and such amendment became effective
immediately.

Nasdaq Compliance

As previously disclosed,
the Company received written notice from Nasdaq indicating that the Company was not in compliance with the $1.00 minimum bid price requirement
for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”),
and in accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was given until November 4, 2025, to regain compliance. On October
3, 2025, the Company received formal written notice from Nasdaq indicating that the Company had regained compliance with the Bid Price
Rule and that this matter is now closed.

NYDIG
Settlement

As
previously disclosed, on December 29, 2022, NYDIG ABL LLC (“NYDIG”) filed a complaint against (i) Soluna MC Borrowings, LLC
2021-1, a Delaware limited liability company (“Borrower”) and indirect wholly-owned subsidiary of Soluna Holdings, Inc.,
a Nevada corporation (the “Company”), and Soluna MC, LLC, a Nevada limited liability company and indirect wholly-owned subsidiary
of the Company (“Guarantor”, and together with Borrower, the “Soluna Parties”) in Marshall Circuit Court of the
Commonwealth of Kentucky (the “Court”) regarding a series of loans (the “NYDIG Loans”)