Company: SLNH
Filing Date: 2025-02-05
Form Type: 424B3
Source: 0001493152-25-005030
Chunk: 18

Company: Soluna Holdings, Inc
Filing Date: 2025-02-05
Form: 424B3
Chunk 18
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Master Consent”) with the Noteholders that are parties to a Securities Purchase Agreement, dated October 25, 2021, as amended (the “SPA”), pursuant to which, among other things, the Company has issued convertible notes to various institutional investors (together with their respective agents, the “Purchasers”). The Master Consent provides the following from the Purchasers:

| ● | consent                                                                               
 to the Company’s entry into the SEPA and the Payment Agreements (as described below); |
| ● | waiver                                                                                
 of any rights of first refusal or participation rights in connection with the SEPA ;  |
| ● | standstill                                                                            
 of the rights to exercise certain $0.01warrants pursuant to the SPA;                  |
| ● | the                                                                                   
 right to prepay the convertible notes with a 20% premium;                             |
| ● | termination                                                                           
 of the SPA and related agreements upon the full payoff of the convertible notes; and  |
| ● | mutual                                                                                
 limited release of claims between the Purchasers and the Company.                     |

In return for these consents, the Company agreed to pay the Purchaser agents a $750,000 fee for the right to prepay the Notes.

Payment Agreements

The Company entered into payment agreements with the Purchasers in connection with the SEPA (the “Payment Agreements”), pursuant to which the Company and the Purchasers agreed to permit the full or partial prepayment of any outstanding convertible note balances held by the Purchasers at any time with five business days’ notice.

Agreements with Series B Holder

The Company entered into Amendment No. 1 (the “Amendment”) to the securities purchase agreement with the Series B Holder, pursuant to which the Series B Holder agreed to waive its right of first refusal and participation rights with respect to the SEPA, to modify its consent rights to future financings, and to limit warrant exercises and conversions in accordance with the terms of the Amendment. In return, the Company agreed to amend the conversion price of the Series B Preferred Stock from $135.25 to $5, to amend the exercise of price of outstanding warrants held by the Series B Holder to $0.01 per share, and to issue the Warrants.

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<div align='center'>RISK FACTORS</div>

An investment in our securities involves a high degree of risk. Before deciding whether to invest in our securities, you should consider carefully the risks and uncertainties described below, together with other information in this prospectus. If