Company: SLNH
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001493152-25-026274
Chunk: 2

Company: Soluna Holdings, Inc
Filing Date: 2025-12-05
Form: 424B5
Chunk 2
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 |     | $     |  2,240,006 |
| Proceeds, before expenses, to Soluna Holdings, 
 Inc.                                           |     | $                | 1.646 |     | $                | 1.645 |     | $     | 29,760,079 |

| (1) | We                                                                                                                                                    
 have agreed to pay the placement agent a cash fee of 7.0% of the gross proceeds from this offering. See “Plan of Distribution” beginning on page S-15 
 of this prospectus supplement for additional information with respect to the compensation we will pay the placement agent. This                       
 prospectus supplement and accompanying prospectus also registers the offer and sale of these placement agent warrants (the “Placement                 
 Agent Warrants”) and the shares of common stock issuable upon exercise of the Placement Agent Warrants.                                               |

Investing in our securities involves a high degree of risk. See the section titled “Risk Factors” beginning on page S-6 of this prospectus supplement and in the documents incorporated by reference into this prospectus supplement for a discussion of risks that should be considered in connection with an investment in our securities.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus supplement. Any representation to the contrary is a criminal offense.

We are a “smaller reporting company,” and as such, we have elected to take advantage of certain reduced public company reporting requirements for this prospectus supplement and future filings. See “Prospectus Summary—Implications of Being a Smaller Reporting Company.”

The delivery of the shares of common stock, Series C Warrants, and Pre-Funded Warrants to purchasers is expected to be made on or about December 5, 2025, subject to satisfaction of customary closing conditions.

<div align='center'>H.C. Wainwright & Co.

The date of this prospectus supplement is December 4, 2025.</div>

<div align='center'>TABLE OF CONTENTS

PROSPECTUS SUPPLEMENT</div>

|                                                       | Page  |
| ABOUT THIS PROSPECTUS SUPPLEMENT                      | S-ii  |
| CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS | S-iii |
| PROSPECTUS SUPPLEMENT SUMMARY                         | S-1   |
| THE OFFERING                                          | S-4   |
| RISK FACTORS                                          | S-6   |
| USE OF