Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 18

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 18
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 prospectus.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| National Securities Exchange Listing                  |     | Our Common Stock and Series A Preferred Stock are currently listed on Nasdaq under the symbols “SLNH” and “SLNH”, respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Risk Factors                                          |     | An investment in our securities involves a high degree of risk. Before deciding whether to invest in our securities, you should consider carefully the risks and uncertainties described in the section captioned “Risk Factors” beginning on page 14 of this prospectus and contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 31, 2025, and other filings we make with the SEC from time to time, which are incorporated by reference herein in their entirety, together with other information in this prospectus and the information incorporated by reference herein. |

| 8 |

<div align='center'>THE STANDBY EQUITY PURCHASE AGREEMENT</div>

General

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