Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1437

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 1437
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For
the year ended December 31, 2024, the Company issued 2,512,581 shares of common stock for conversion of the debt, which includes the
final conversion shares noted below. For the year ended December 31, 2023, the Company issued 1,235,678 shares of common stock for the
conversion of debt.

On
December 12, 2024, the Company entered into an agreement with the remaining three Note Holders who held an outstanding principal balance
as of December 12, 2024, pursuant to which the three remaining Note Holders elected to immediately convert all of the outstanding principal
of certain convertible notes into shares of the Company’s common stock. The agreement satisfied the full outstanding debt owed
to the remaining three Note Holders under the Convertible Notes. Following the conversion, 335,661 shares of common stock were issued
to the Note Holders in accordance with the terms of the Convertible Notes, as amended. The Company recorded a debt inducement conversion
expense of approximately $388 thousand within Other Expense, net on the Consolidated Financial Statements. No further amounts are owed
by the Company under the Convertible Notes as of December 31, 2024.

     F-25 

NYDIG
financing

 Schedule of Financing Debt

    (Dollars in thousands) 
    Maturity Dates 
    Interest Rate 
    January 1, 2024 - December 31, 2024  
    January 1, 2023 -  December 31, 2023 
  
    NYDIG Loans #1-11 
    April 25, 2023 thru January 25, 2027* 
    14% thru 16% 
    $9,183  
    $10,546 

    Less: repossession of collateralized assets 

     —  
     (1,363)
  
    Total outstanding debt 

    $9,183  
    $9,183 

    *
    Due
    to event of default- the entire NYDIG Financing became current, see note below.

On
December 30, 2021, Soluna MC Borrowing 2021-1 LLC (the “Borrower”), a subsidiary of Soluna MC, LLC, a subsidiary of Soluna Digital, a subsidiary
of the Company, entered
into a Master Equipment Finance Agreement (the “Master Agreement”) with NY