Company: SLNH
Filing Date: 2025-10-16
Form Type: S-3/A
Source: 0001493152-25-018322
Chunk: 18

Company: Soluna Holdings, Inc
Filing Date: 2025-10-16
Form: S-3/A
Chunk 18
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 (1) |     |                                           | 4,000,000 | -2 |     |                                       | 4,000,000 | -3 |     |              | 4,000,000 | -2 |     |                                     | 4,000,000 | -3 |     |                                           | - |     |                                    | - |     |                                            | - |     |                           | - |

| (1) | Generate Strategic Credit                                                                                                                   
 Master Fund I-B, L.P. is the record holder of the Warrants.                                                                                 
 Generate Strategic Credit Fund GP, L.P. is the general partner of Generate Strategic Credit Master Fund I-B, L.P., GCP Holdings I,          
 LLC is the general partner of Generate Strategic Credit Fund GP, L.P. and Generate Capital, PBC is the sole member of GCP Holdings          
 I, LLC. As result of these relationships, each of these entities may be deemed to have or share beneficial ownership of the Warrants        
 held of record by Generate Strategic Credit Master Fund I-B, L.P.                                                                           |
| (2) | Consists of the Warrant Shares                                                                                                              
 issuable upon the exercise of the Warrants. The actual number of shares that may be acquired by the Selling Securityholder is not currently 
 known. The shares of common stock issuable upon exercise of the Warrants are subject to a beneficial ownership limitation of 9.99%,         
 which limitation restricts the Selling Securityholder from exercising that portion of the Warrants that would result in the Selling         
 Securityholder and its affiliates owning upon such exercise a number of shares of our common stock in excess of the beneficial ownership    
 limitation of 9.99%.                                                                                                                        |
| (3) | Consists of the Warrants issued in the Private Placement.                                                                                   |
| (4) | Assumes the sale of all Securities offered by the Selling Securityholder pursuant to this prospectus.                                       |

| 12 |

<div align='center'>USE OF PROCEEDS</div>

The Securities to be offered and sold using this prospectus will be offered and sold by the Selling Securityholder named in this prospectus. Accordingly, we will not receive any proceeds from any sale of the Securities in this offering. We will pay all of the fees and expenses incurred by us in connection with this registration.

| 13 |

<div align='center'>PLAN OF DISTRIBUTION</div>

The Selling Securityholder and any of its pledgees, donees, transferees, assignees and successors