Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 25

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 25
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 in the applicable Advance Notice as of the applicable Advance Notice Date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

| 11 |

Termination of the SEPA

Unless earlier terminated as provided in the SEPA,
the SEPA will terminate automatically on the earliest to occur of:

| ● | the 24-month anniversary of the Effective Date; or                                                                                                     |
| ● | the date on which the Investor will have purchased shares of Common Stock under the SEPA for an aggregate gross purchase price equal to $25.0 million. |

The Company has the right to terminate the SEPA at
any time after the Effective Date, at no cost or penalty, upon five Trading Days’ prior written notice to the Investor; provided
that (i) there are no outstanding Advance Notices under which shares of Common Stock have yet to be issued and (ii) the Company has paid
all amounts owed to the Investor pursuant to the SEPA. The Company and the Investor may also terminate the SEPA at any time by mutual
written consent.

No Short-Selling or Hedging by the Investor

The Investor has agreed that none of the Investor,
its sole member, any of their respective officers, or any entity managed or controlled by the Investor or its sole member will engage
in or effect, directly or indirectly, for its own account or for the account of any other of such persons or entities, any short sales
of the Common Stock or hedging transaction that establishes a net short position in the Common Stock during the term of the SEPA.

Prohibition on Dilutive Issuances and Similar Transactions

There are no restrictions on future financings, rights
of first refusal, participation rights, penalties or liquidated damages in the SEPA or Registration Rights Agreement, other than a prohibition
on repaying any loans to any executives or employees of the Company or payments in respect of any related party debt, and a prohibition
on effecting or entering into an agreement to effect an “equity line of credit” or other substantially similar continuous
offering with a third party, in which we may offer, issue or sell Common Stock or any securities exercisable, exchangeable or convertible
into Common Stock at a future determined price.

Effect of Sales of our Common Stock on our Stockholders

All shares that may be issued or sold by the Investor
set forth in this prospectus are expected to be freely tradable. The resale of a significant amount of shares by the Investor registered
in this offering at any given time, or the perception that these sales