Company: SLNH
Filing Date: 2025-02-05
Form Type: 424B3
Source: 0001493152-25-005030
Chunk: 180

Company: Soluna Holdings, Inc
Filing Date: 2025-02-05
Form: 424B3
Chunk 180
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 conversion profiles, and other assumptions based on principal and accrued interest as of the year-end. The Company determined the fair value of the Convertible Notes uses certain Level 3 inputs.

The following table represents the significant and subjective fair value assumptions used for Convertible Notes during the years ended December 31, 2023 and 2022:

Schedule of Fair Value Assumptions For Convertible Notes

|                         |     | 2023 |             |   |     | 2022 |             |   |
|:------------------------|:----|:-----|:------------|:--|:----|:-----|------------:|:--|
| Stock price (1)         |     | $    | 3.60 –      
 6.75        |   |     | $    |         6.5 |   |
| Conversion price (1)    |     | $    | 3.78 – 7.99 |   |     | $    |        7.99 |   |
| Volatility              |     |      | 87.50 – 150 | % |     |      |          65 
       – 105 | % |
| Risk-free interest rate |     |      | 4.64- 5.50  | % |     |      | 4.12 – 4.76 | % |

| (1) | Prior                                                                                    
 period results have been adjusted to reflect the Reverse Stock Split of the Common Stock 
 at a ratio of 1-for- 25 that became effective October 13, 2023. See Note 2, “Accounting  
 Policies,” for details.                                                                  |

Changes in Level 3 Financial Liabilities Carried at Fair Value

Schedule of Changes in Level 3 Financial Liabilities Carried at Fair Value

| (in thousands)                                                 |     |   |        |   |
|:---------------------------------------------------------------|:----|:--|-------:|:--|
| Balance, July 19, 2022 (date of Addendum of convertible notes) |     | $ | 14,610 |   |
| Conversions of debt                                            |     |   | (1,100 | ) |
| Total revaluation loss                                         |     |   |    597 |   |
| Balance, September 13, 2022                                    |     |   | 14,107 |   |
| Total revaluation gains                                        |     |   | (1,853 | )