Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 2

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 2
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 Stock to the Investor at 97% of the Market Price for the three consecutive trading days commencing on the advance notice date
(the “Option 2 Pricing Period”). “Market Price” is defined as, for any Option 1 Pricing Period, the daily VWAP
of the Common Stock on the Nasdaq Capital Market (“Nasdaq”) during the Option 1 Pricing Period, and for any Option 2 Pricing
Period, the lowest VWAP of the Common Stock on the Nasdaq during the Option 2 Pricing Period.

We may not issue or sell any shares of Common Stock
to the Investor under the SEPA that, when aggregated with all other shares of Common Stock then beneficially owned by the Investor and
its affiliates (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and Rule 13d-3 promulgated thereunder), would result in the Investor and its affiliates beneficially owning more than 9.99% of the outstanding
shares of Common Stock (the “Beneficial Ownership Limitation”). In addition, the number of shares of Common Stock that we
may issue to the Investor under the SEPA may be limited by the number of our authorized shares of Common Stock. As of April 17,
2025, we were authorized to issue a maximum of 75 million shares of Common Stock, and we had an aggregate of 12,508,045 shares of Common
Stock outstanding. Assuming a (i) Market Price of $0.62 and, (ii) no beneficial ownership limitations, we may issue up to 38,633,651
shares of Common Stock under Pricing Option 1 and up to 38,235,366 shares of Common Stock under Pricing Option 2, which would
reflect approximately 309% and 306%, respectively, of the outstanding shares of our Common Stock as of the date hereof
after giving effect to such issuances. This does not include consent fees to be paid to the Series B Holder in cash in connection with
advances under the SEPA.

We may not have access to the full $25 million amount
available under the SEPA due to the reasons noted above. Please see “The Standby Equity Purchase Agreement” for more
information regarding the SEPA. This prospectus only covers 1,487,128 shares that may be issued under the SEPA.

The shares of Common Stock that may be sold by the
Selling Hold