Company: SLNH
Filing Date: 2025-05-22
Form Type: S-1
Source: 0001641172-25-012098
Chunk: 24

Company: Soluna Holdings, Inc
Filing Date: 2025-05-22
Form: S-1
Chunk 24
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arrants and the Pre-Funded Warrants, the holders will be entitled to exercise the rights of a common stockholder
only as to matters for which the record date occurs after the exercise date.

The Common Warrants are not exercisable until the Warrant Stockholder Approval; provided, however, that if the Pricing Conditions are met, the Common Warrants will be exercisable upon issuance.

The Common Warrants will have an exercise price
of $ per share and will be exercisable beginning on the effective date of the Warrant Stockholder
Approval; , , that if the Pricing Conditions are met, the Initial Exercise Date of the Common Warrants shall
be the date of issuance thereof. The Series A Warrants will expire on the five-year anniversary of the Initial Exercise Date and the Series
B Warrants will expire on the twenty-four-month anniversary of the Initial Exercise Date.

While we intend to promptly seek Warrant Stockholder
Approval if the Pricing Conditions have not been met, there is no guarantee that the Warrant Stockholder Approval will ever be obtained.
If the Pricing Conditions are not met and we are unable to obtain the Warrant Stockholder Approval, the Common Warrants will have no value.

Purchasers who purchase our securities in this offering pursuant to a securities purchase agreement may have rights not available to purchasers who purchase without the benefit of a securities purchase agreement.

In addition to rights and remedies available to
all purchasers in this offering under federal securities and state law, the purchasers who enter into a securities purchase agreement
will also be able to bring claims of breach of contract against us. The ability to pursue a claim for breach of contract provides those
investors with the means to enforce the covenants uniquely available to them under the securities purchase agreement including, but not
limited to: (i) timely delivery of securities; (ii) agreement to not enter into variable rate financings for from closing,
subject to certain exceptions; (iii) agreement to not enter into any financings for days from closing, subject to certain exceptions;
and (iv) indemnification for breach of contract.

This is a best efforts offering, with no minimum number or dollar amount of securities required to be sold, and we may not raise the amount of capital we believe is required for our business plans, including our near-term business plans.

The placement agent has agreed to use its reasonable
best efforts to solicit offers to purchase the securities in this offering. The placement agent has no obligation to buy any of the securities
from us or to arrange for