Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 12

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 12
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, 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 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 paid to a
Selling Holder in cash in connection with advances under the SEPA.

Pursuant to the SEPA, we were required to register
resales of the shares of Common Stock eligible to be sold pursuant to the SEPA. We agreed to file a registration statement and shall not
have the ability to request any advances under the SEPA until the registration statement, of which this prospectus forms a part, is declared
effective.

On November 15, 2024, at a Special Meeting of Stockholders
and pursuant to the rules of the Nasdaq Capital Market, we obtained stockholder approval to issue to the Investor, pursuant to the SEPA,
shares of Common Stock that exceed 19.99% of the shares of Common Stock outstanding immediately prior to the execution of the SEPA.

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On October 1, 2024, the Company and Univest entered
into the Release Agreement whereby the parties agreed to terminate all prior agreements with respect to investment banking and placement
agency services offered by Univest to the Company. Under the Release Agreement, the Company agreed to issue Univest $1,000,000 of shares
of Common Stock and to