Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 39

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 39
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 of our Series B Preferred Stock issued
and outstanding. Unless the applicable prospectus supplement indicates otherwise, we will have the right to “reopen” a previous
issue of a series of Preferred Stock by issuing additional Preferred Stock of such series.

The Preferred Stock will have the distribution, liquidation,
redemption, voting and conversion rights described in this section unless we state otherwise in the applicable prospectus supplement.
The liquidation preference is not indicative of the price at which the Preferred Stock will actually trade on or after the date of issuance.
You should read the prospectus supplement relating to the particular class or series of the Preferred Stock for specific terms, including:

| ● | the distinctive designation of the applicable class or series of Preferred Stock and the number of shares that will constitute the class or series;                                                                                                                                                                                         |
| ● | the initial offering price of such Preferred Stock;                                                                                                                                                                                                                                                                                         |
| ● | relative ranking and preference of such Preferred Stock as to distribution rights and rights upon liquidation, dissolution or winding up of our affairs;                                                                                                                                                                                    |
| ● | the distribution rate or rates (or method of calculation) on that class or series, the distribution periods, the date(s) on which distributions will be payable and whether the distributions will be cumulative, noncumulative or partially cumulative, and, if cumulative, the dates from which the distributions will start to cumulate; |
| ● | any redemption or sinking fund provisions of that class or series;                                                                                                                                                                                                                                                                          |
| ● | any voting rights;                                                                                                                                                                                                                                                                                                                          |
| ● | any conversion or exchange provisions;                                                                                                                                                                                                                                                                                                      |
| ● | any other specific terms, preferences, rights, limitations or restrictions of such Preferred Stock;                                                                                                                                                                                                                                         |
| ● | any limitations on issuance of any class or series of Preferred Stock ranking senior to or on a parity with such Preferred Stock as to distribution rights and rights upon liquidation, dissolution or winding up of our affairs;                                                                                                           |
| ● | any procedures for any auction and remarketing; and                                                                                                                                                                                                                                                                                         |
| ● | any listing of such Preferred Stock on any securities exchange                                                                                                                                                                                                                                                                              |

Holders of our Preferred Stock have no preemptive
rights to subscribe for any of our securities.

| 22 |

We will describe in the applicable prospectus supplement
any material U.S. federal income tax considerations applicable to the Preferred Stock offered by such prospectus supplement.

The issuance of shares of Preferred Stock, the issuance
of rights to purchase Preferred Stock or the possibility of the issuance of Preferred Stock or such rights could have the