Company: SLNH
Filing Date: 2025-06-16
Form Type: S-1/A
Source: 0001641172-25-015179
Chunk: 36

Company: Soluna Holdings, Inc
Filing Date: 2025-06-16
Form: S-1/A
Chunk 36
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 exercising
the holder’s Pre-Funded Warrants up to 9.99% of the number of our shares of common stock outstanding immediately after giving effect
to the exercise, as such percentage ownership is determined in accordance with the terms of the Pre-Funded Warrants. Purchasers of Pre-Funded
Warrants in this offering may also elect prior to the issuance of the Pre-Funded warrants to have the initial exercise limitation set
at 9.99% of our outstanding shares of common stock.

Cashless Exercise. In lieu of making the
cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect
instead to receive upon such exercise (either in whole or in part) the number of shares of common stock determined according to a formula
set forth in the Pre-Funded Warrants.

Fractional Shares. No fractional shares
of common stock will be issued upon the exercise of the Pre-Funded Warrants. Rather, at our election, the number of shares of common stock
to be issued will be rounded up to the nearest whole number or we will pay a cash adjustment in an amount equal to such fraction multiplied
by the exercise price.

Transferability. Subject to applicable
laws, a Pre-Funded Warrant may be transferred at the option of the holder upon surrender of the Pre-Funded Warrants to us together with
the appropriate instruments of transfer.

Trading Market. There is no trading market
available for the Pre-Funded Warrants on any securities exchange or nationally recognized trading system, and we do not expect a trading
market to develop. We do not intend to list the Pre-Funded Warrants on Nasdaq or any other securities exchange or nationally recognized
trading market. Without a trading market, the liquidity of the Pre-Funded Warrants will be extremely limited. The shares of common stock
issuable upon exercise of the Pre-Funded Warrants are currently traded on Nasdaq.

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Right as a Stockholder. Except as otherwise
provided in the Pre-Funded Warrants or by virtue of such holder’s ownership of shares of common stock, the holders of the Pre-Funded
Warrants do not have the rights or privileges of holders of our shares of common stock, including any voting rights, until they exercise
their Pre-Funded Warrants. The Pre-Funded Warrants will provide that holders have the right to participate in distributions or dividends
paid on our shares of common stock.

Fundamental Transaction. In the