Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 11

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 11
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31, 2024, our Demand Response
Business represented approximately 6% of total revenue.

Standby Equity Purchase Agreement with the Investor

On August 12, 2024, we entered into the SEPA with
the Investor. Pursuant to the terms of the SEPA, the Company agreed to issue and sell to the Investor, from time to time, and the Investor
agreed to purchase from the Company, up to $25 million of the Company’s shares of Common Stock. As of April 18, 2025, we
have issued and sold 1,512,872 shares of our Common Stock to the Investor pursuant to the SEPA. We are registering hereunder the resale
of 1,487,128 shares of Common Stock that we may, at our discretion, elect to issue and sell the Investor from time to time after the
date of this prospectus, pursuant to the SEPA.

Under the SEPA, shares of Common Stock may be issued
and sold to the Investor under one of two pricing options, at the election of the Company. Under the first option (“Pricing Option
1”), the Company will sell the shares of Common Stock to the Investor at 96% of the Market Price (as defined below) for any period
commencing (i) if submitted to the Investor prior to 9:00 a.m. Eastern Time on a trading day, at the open of trading on such day or (ii)
if submitted to the Investor after 9:00 a.m. Eastern Time on a trading day, upon receipt by the Company of written confirmation of acceptance
of the advance notice by the Investor and, in either case, ending at 4:00 p.m. New York City time on the applicable advance notice date
(the “Option 1 Pricing Period”). Under the second option (“Pricing Option 2”), the Company will sell the shares
of Common 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 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