Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 39

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 39
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 our indebtedness or our other classes or series of Preferred Stock, prohibit
that authorization, payment or setting aside of funds or provide that the authorization, payment or setting aside of funds is a breach
of or a default under that agreement. We are now, and may in the future become, a party to agreements which restrict or prevent the payment
of distributions on, or the purchase or redemption of, our shares of capital stock, including Preferred Stock. These restrictions may
be indirect, such as covenants which require us to maintain specified levels of net worth or assets.

Distributions on any class or series of Preferred
Stock may be cumulative, noncumulative or partially cumulative, as specified in the applicable prospectus supplement. Cumulative distributions
will be cumulative from and after the date shown in the applicable prospectus supplement. If our Board of Directors fails to authorize
a distribution that is noncumulative, the holders of the applicable class or series will have no right to receive, and we will have no
obligation to pay, a distribution in respect of the applicable distribution period, whether or not distributions on that class or series
are declared payable in the future.

We refer to our shares of Common shares or other stock,
now or hereafter issued, that rank junior to an applicable class or series of Preferred Stock with respect to distribution rights as junior
stock. To the extent that the applicable class or series is entitled to a cumulative distribution, we may not declare or pay any distributions,
or set aside any funds for the payment of distributions, on junior stock, or redeem or otherwise acquire junior stock, unless we also
have declared and either paid or set aside for payment the full cumulative distributions on such class or series of Preferred Stock and
on all our other class or series of Preferred Stock ranking senior to or on a parity with such class or series of Preferred Stock for
all past distribution periods. The preceding sentence does not prohibit:

| ● | distributions payable in junior shares or options, warrants or rights to subscribe for or purchase junior stock;                                                                                                                                                                                                                                             |
| ● | conversions into or exchanges for junior stock;                                                                                                                                                                                                                                                                                                              |
| ● | pro rata offers to purchase or a concurrent redemption of all, or a pro rata portion of, the outstanding Preferred Stock of such class or series and any other class or series of shares ranking on a parity with such class or series of Preferred Stock with respect to distribution rights and rights upon our liquidation, dissolution or winding up; or |
| ● | our redemption,