Company: SLNH
Filing Date: 2025-02-05
Form Type: 424B3
Source: 0001493152-25-005030
Chunk: 242

Company: Soluna Holdings, Inc
Filing Date: 2025-02-05
Form: 424B3
Chunk 242
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 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, LLC’s 965,945Class Seed Preferred shares, which are convertible into 818,596shares 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 $ 750thousand. Based on evaluation of projections for the Company’s investment in HEL, the Company fully impaired the equity investment of $ 750thousand 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, 2023 and December 31, 2022. The Company may enter into additional transactions with HEL in the future

16. Discontinued Operations

As described in Note 1, the Company entered into a Stock Purchase Agreement with Purchaser, pursuant to which the Company sold on April 11, 2022 all of the issued and outstanding shares of capital stock of its wholly-owned subsidiary, MTI Instruments for approximately $ 9.0million in cash, net of transaction costs. For fiscal year 2022, our Instrumentation business segment was classified as discontinued operations in our financial statements for all periods presented. The Company incurred approximately a $ 7.5million pretax gain on sale of MTI Instruments for the year ended December 31, 2022, in which they did not receive until the second quarter of fiscal year 2022. The Company’s consolidated balance sheets and consolidated statements of operations report discontinued operations separate from continuing operations. The Company’s consolidated statements of equity and statements of cash flows combine continuing and discontinued operations.

| F-43 |

Set forth below are the results of the discontinued operations:

Schedule of Discontinued Operations

| (Dollars in thousands)                                                     |     | 2022 |       |
|:---------------------------------------------------------------------------|:----|:-----|------:|
| Product revenue                                                            |     | $    | 1,799 |
| Cost of sales                                                              |     |      |   728 |
| Research and development                                                   |     |      |   398 |
| Selling, general, and administrative