Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 146

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 146
---
 $5.0 million from a public offering of common
stock. In connection with this offering, the Company issued warrants, and as of September 30, 2025, the Company received approximately
$9.4 million in gross proceeds from the exercise of such warrants. Refer to Note 9 for details.

On
September 12, 2025, the Company caused its subsidiaries Soluna DVSL ComputeCo, LLC (“Dorothy 1A Borrower”), Soluna DVSL II
ComputeCo, LLC (“Dorothy 2 Borrower”), and Soluna KK I ComputeCo, LLC (“Tranche B Borrower” and collectively with
Dorothy 1A Borrower and Dorothy 2 Borrower, the “Borrowers”) to enter into a Credit and Guaranty Agreement (the “Credit
Agreement”) with Generate Lending, LLC, as administrative agent and collateral agent (the “Agent”), and Generate Strategic
Credit Master Fund I-A, L.P. (the “Lender”). The Credit Agreement provides for senior secured term loan commitments in an
aggregate principal amount of up to $35.5 million, comprised of (i) Tranche A-1 ($5.5 million), (ii) Tranche A-3 ($11.5 million), and
(iii) Tranche B ($18.5 million). In addition, the Credit Agreement permits the Borrowers to request one or more Additional Tranche Loan
Commitments (as defined in the Credit Agreement), in the aggregate amount of up to $64.5 million, subject to the approval of the Lender
and the Agent, for project-level financing of eligible projects. On September 12, 2025, the Borrowers borrowed approximately $12.6 million
under the Credit Agreement, comprised of Tranche A-1 loans and Tranche A-3 loans. Proceeds from the Generate Credit Agreement will be
used to finance, refinance, develop and construct the Company’s Dorothy 1A, Dorothy 2 and Kati data center projects, fund a debt
service reserve account, and pay fees and expenses. Refer to Note 8 for details.

The Company, in 2025, will continue to look to evaluate
additional strategies to obtain financing to fund operations, and capital expenditures related to its project portfolio. However, management
cannot provide any assurances that the Company will be successful in accomplishing additional financing or any of its other plans. These
financial statements do not include