Company: SLNH
Filing Date: 2025-02-03
Form Type: S-1/A
Source: 0001493152-25-004555
Chunk: 121

Company: Soluna Holdings, Inc
Filing Date: 2025-02-03
Form: S-1/A
Chunk 121
---
 interest in the Company’s transactions with HEL for the year ended December 31, 2024 was $0 and $0.

John Belizaire, the Company’s Chief Executive Officer, and John Bottomley, who were elected to the Board upon the effective time of SCI’s acquisition of Soluna Callisto, serve as directors of HEL. In addition, Mr. Belizaire is the beneficial owner of 1,317,567 shares of common stock of HEL and 102,380 Class Seed Preferred shares, which are convertible into 86,763 shares of common stock of HEL. These interests give Mr. Belizaire an ownership of 10.54% in HEL. Mr. Belizaire also owns an interest in HEL indirectly through his 5.0139% interest of Tera Joule’s 965,945 Class Seed Preferred shares, which are convertible into 818,596 shares of common stock of HEL. Mr. Bottomley is the beneficial owner of 96,189, or approximately 0.72%, of the outstanding shares of common stock of HEL.

The Company’s investment in HEL was initially carried at the cost of investment and was $750 thousand. Based on evaluation of projections for the Company’s investment in HEL, the Company fully impaired the equity investment of $750 thousand as of December 31, 2022, writing it down to $0.

The Company owned approximately 1.79% of HEL, calculated on a converted fully diluted basis, as of December 31, 2024 and December 31, 2023. The Company may enter into additional transactions with HEL in the future.

| 73 |

<div align='center'>MANAGEMENT</div>

Executive Officers and Directors

The following table provides information regarding our executive officers and directors with their respective ages as of December 31, 2024:

| Name                 |     | Age |     | Position                                     |
| Executive Officers:  |     |     |     |                                              |
| John Belizaire       |     |  52 |     | Chief Executive Officer and Director         |
| John Tunison         |     |  50 |     | Chief Financial Officer                      |
| Michael Toporek      |     |  60 |     | Executive Chairman of the Board of Directors |
| Jessica L. Thomas    |     |  51 |     | Chief Accounting Officer                     |
| Mary O’Reilly        |     |  48 |     | Chief People Officer                         |
| Directors: