Company: SLNH
Filing Date: 2025-07-21
Form Type: DEF 14A
Source: 0001641172-25-020351
Chunk: 40

Company: Soluna Holdings, Inc
Filing Date: 2025-07-21
Form: DEF 14A
Chunk 40
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 is in the best interests of our stockholders because it provides our Board with the flexibility to achieve the desired results of one or more Reverse Stock Splits and because it is not possible to predict market conditions at the time any Reverse Stock Split would be implemented. If stockholders approve this proposal, our Board would carry out a Reverse Stock Split only upon our Board’s determination that a Reverse Stock Split would be in the best interests of the Company and our stockholders at that time. Our Board would then set the ratio for the Reverse Stock Split within the aggregate range approved by stockholders and in an amount it determines is advisable and in the best interests of the stockholders considering relevant market conditions at the time the Reverse Stock Split is to be implemented. In determining the Reverse Stock Split ratio, following receipt of stockholder approval, our board of the directors may consider numerous factors including:

| ● | the                                                                                                                              
 historical and projected performance of our common stock;                                                                        |
| ● | general                                                                                                                          
 economic and other related conditions prevailing in our industry and in the marketplace;                                         |
| ● | the                                                                                                                              
 projected impact of the Reverse Stock Split ratio on trading liquidity in our common stock and our ability to maintain continued 
 listing on the Nasdaq Capital Market;                                                                                            |
| ● | our                                                                                                                              
 capitalization (including the number of shares of our common stock issued and outstanding);                                      |
| ● | the                                                                                                                              
 then-prevailing trading price for our common stock and the volume level thereof; and                                             |
| ● | the                                                                                                                              
 potential devaluation of our market capitalization as a result of the Reverse Stock Split.                                       |

Our Board intends to select a Reverse Stock Split ratio (within the aggregate range indicated above) that it believes would be most likely to achieve the anticipated benefits of each Reverse Stock Split.

| 30 |

Certain Risks Associated with One or More Reverse Stock Splits

Before voting on this proposal, stockholders should consider the following risks associated with effecting any Reverse Stock Split:

| ● | As                                                                                                                                        
 noted above, the principal purpose of each Reverse Stock Split is to increase the market price of our common stock in order to meet       
 the continuing listing requirements of the Nasdaq Capital Market. However, the Reverse Stock Split(s), if effected, may not increase      
 the market price of our common stock in proportion to the reduction in the number of shares of our common stock outstanding, or at        
 all. If the proposed Reverse Stock Split does result in an increase in the market price of our common stock, the