Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 2659

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9A
Chunk 2659
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     -  
     1,681 
  
    Total Debt 
    $8,474  
    $10,864  
    $-  
    $19,338 

Convertible
Notes

Debt
consists of the following

 Schedule of Debt

    (Dollars in thousands): 
    Maturity Date 
    Interest Rate  
    December 31, 2024  
    December 31, 2023 
  
    Convertible Note 
    January 24, 2025** 
     *18% 
    $-  
    $8,474 

    *
    Default
    interest was waived on March 10, 2023, and no further default interest applied on the Convertible Note for the remainder of the year.

    **January 24, 2025 was the amended
maturity date, however, as noted below, the Convertible Notes were converted in advance of maturity date and are no longer outstanding.

     F-23 

On
October 25, 2021, pursuant to a Securities Purchase Agreement (the “October SPA”),
the Company issued to certain accredited investors (the “Noteholders”) (i) secured convertible notes in an aggregate principal
amount of $16.3 million for an aggregate purchase price of $15 million (collectively, the “October Secured Notes”), which
were, subject to certain conditions, convertible at any time by the investors, into an aggregate of 1,776,073 shares of the Company’s
common stock, at a price per share of $9.18 and (ii) Class A, Class B and Class C common stock purchase warrants (collectively, the “October
Warrants”) to purchase up to an aggregate of 1,776,073 shares of common stock, at an initial exercise price of $12.50, $15 and
$18 per share, respectively. The October Warrants are legally detachable and can be separately exercised immediately for five years upon
issuance, subject to applicable Nasdaq rules.

On
July 19, 2022 and on September 13, 2022, the Company entered into an Addendum and Addendum Amendment which adjusted the terms such as
maturity date, conversion prices, and the issuance of new warrants to the Noteholders. Pursuant to the Addendum and Addendum Amendment,
the Company evaluated whether the new addendums qualified as debt modification or