Company: SLNH
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010886
Chunk: 188

Company: Soluna Holdings, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 188
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, we agreed to issue and sell to YA, from time to time, and YA agreed to purchase from us, up to $25
million of shares of our common stock (the “SEPA Shares”). We and YA also entered into a registration rights agreement (the
“Registration Rights Agreement”), pursuant to which we agreed to prepare and file with the SEC a Registration Statement on
Form S-1, registering the resale of the SEPA Shares. On November 12, 2024, we filed a registration statement on Form S-1 (File No. 333-282559)
with the SEC for the resale by YA of 3,000,000 SEPA Shares, which was declared effective by the SEC on February 5, 2025. As of the date
of this report, we have issued and sold approximately 1.5 million shares of our common stock to YA pursuant to the SEPA for aggregate
net proceeds to us of approximately $2.0 million. We intend to continue issuing shares of our common stock to YA pursuant to the SEPA
in future periods.

42

Project Specific Developments

Project Hedy

We have signed a term sheet
for power for Project Hedy, a new 120 MW data center co-located with a 200 MW wind farm in South Texas. The wind farm is owned by a new
power partner–a multinational conglomerate that focuses on developing and managing sustainable infrastructure solutions, with a
strong emphasis on renewable energy, water management, and services, aiming to contribute to a low-carbon economy and a better planet.

Project Ellen

We have signed a term sheet
for power for Project Ellen, a new 100 MW data center co-located with a 145 MW wind farm in South Texas. The wind farm is owned by a new
power partner—a leader in renewable energy and sustainable infrastructure in the U.S. and internationally. Project Ellen will be
developed in two 50MW phases, leveraging wind energy to drive sustainable computing at scale.

Consolidated Results of Operations
(unaudited)

Consolidated Results of
Operations (unaudited) for the Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024.

The following table summarizes changes in the various components of our
net loss during the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

    (Dollars in thousands)