Company: SLNH
Filing Date: 2025-05-22
Form Type: S-1
Source: 0001641172-25-012098
Chunk: 54

Company: Soluna Holdings, Inc
Filing Date: 2025-05-22
Form: S-1
Chunk 54
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 transaction exempt from the registration
requirements of the Securities Act by virtue of Section 4(a)(2) of the Securities Act and Regulation D promulgated under the Securities
Act and exempt from registration or qualification under applicable state securities laws.

We entered into the SEPA with YA on August 12,
2024. Pursuant to the terms of the SEPA, we agreed to issue and sell to YA, from time to time, up to $25 million of SEPA Shares. The SEPA
Shares will be issued and sold by us to YA in reliance upon the exemption from the registration requirements of the Securities Act
afforded by Section 4(a)(2) of the Securities Act.

On March 23, 2025, the Note Parties entered into
the Modification Agreement to, among other things, provide for the deposit of 1,000,000 Investor Shares into an escrow account maintained
by Northland Securities, Inc., and provide for the issuance of the Warrant to the Investor. Subsequently, we and the Investor mutually
agreed that the 1,000,000 Investor Shares would instead be issued directly to the Investor, and, on April 29, 2025, we issued 1,000,000
shares of common stock to the Investor. The Investor Shares and the Warrant were issued in reliance upon the exemption from registration
provided by Section 4(a)(2) of the Securities Act.

| II-3 |

Item 16. Exhibits.

| Exhibit No. 
 2.1         
 3.1         |     | Description of Document                                                                                                                                                                                                                                                                                                                               
 Agreement and Plan of Merger dated August 11, 2021, by and among Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, SCI Merger Sub, Inc., and Soluna Callisto Holdings Inc., formerly known as Soluna Computing, Inc. (incorporated by reference from Exhibit 2.1 of the Company’s Form 8-K Report filed August 12, 2021). 
 Articles of Incorporation of Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated (incorporated by reference from Exhibit 3.1 of the Company’s Form 10-K Report for the year ended December 31, 2020 (the “2020 Form 10-K”)).                                                                                                 |
|:------------|:----|:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.2         |     | Articles of Merger filed