Company: SLNH
Filing Date: 2025-02-03
Form Type: S-1/A
Source: 0001493152-25-004555
Chunk: 201

Company: Soluna Holdings, Inc
Filing Date: 2025-02-03
Form: S-1/A
Chunk 201
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 transactions, individually and in the aggregate, do not result in a change in membership of such entity’s                
 board of directors so that the persons who were members of the board of directors immediately prior to the first such transaction          
 constitute less than 50% of the board membership at any time after such transaction(s) are consummated). Notwithstanding the foregoing,    
 a transaction shall not constitute a Change of Control if its sole purpose is to change the state of SHI’s or SCI’s incorporation          
 or to create a holding company that will be owned in the same proportions by the persons who held SHI’s or SCI’s securities                
 immediately prior to such transaction; and                                                                                                 |
| vi.  | if                                                                                                                                         
 on any of the fifth anniversary of the effective time of the merger, a facility has not become a Qualified Facility and therefore          
 is not taken into consideration in the calculation of Active MW because any of the elements set forth in the definition of “Qualified      
 Facility” as defined in the Merger Agreement have not been met for reasons beyond the reasonable control of SCI’s management               
 team, but SCI’s management team is then actively engaged in the process of completing and is diligently pursuing the completion            
 of the missing elements, then (A) the target dates set forth above shall be extended for an additional 90 days, and (B) additional         
 extensions of time may be granted by the Board of Directors in its commercially reasonable discretion, in each case for the purpose        
 of enabling SCI’s management team to complete the steps needed to qualify the facility as a Qualified Facility.                            |

On April 11, 2023, the Board had reviewed and approved the progress of SCI’s management team in qualifying facilities as Qualified Facilities and discussed an extension of the date in Section 2.7(a)(ii)(A) of the Merger Agreement to December 31, 2023 (previously was June 30, 2022), and an extension of the date in Section 2.7(a)(ii)(B) of the Merger Agreement to June 30, 2024 (previously was June 30, 2023).

Due to conditions being met within the Merger Agreement in relation to energization and retention of employees, the Company has advised SCI US Holdings LLC, a Delaware limited liability company, who is the sole Effective Time Holder (as defined in the Merger Agreement) of the right to receive the Merger Shares and that 19,800and 39,600Merger Shares were issued on May