Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 4

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 4
---
 of the shares of Common Stock beneficially owned by
Univest and its affiliates on the day immediately prior to the first day of the Leak-Out Period.

Under the SEPA, shares of Common Stock may be issued
and sold to the Investor under one of two pricing options, at the election of the Company. Under the first option (“Pricing Option
1”), the Company will sell the shares of Common Stock to the Investor at 96% of the Market Price (as defined below) for any period
commencing (i) if submitted to the Investor prior to 9:00 a.m. Eastern Time on a trading day, at the open of trading on such day or (ii)
if submitted to the Investor after 9:00 a.m. Eastern Time on a trading day, upon receipt by the Company of written confirmation of acceptance
of the advance notice by the Investor and, in either case, ending at 4:00 p.m. New York City time on the applicable advance notice date
(the “Option 1 Pricing Period”). Under the second option (“Pricing Option 2”), the Company will sell the shares
of Common Stock to the Investor at 97% of the Market Price for the three consecutive trading days commencing on the advance notice date
(the “Option 2 Pricing Period”). “Market Price” is defined as, for any Option 1 Pricing Period, the daily VWAP
of the Common Stock on the Nasdaq Capital Market (“Nasdaq”) during the Option 1 Pricing Period, and for any Option 2 Pricing
Period, the lowest VWAP of the Common Stock on the Nasdaq during the Option 2 Pricing Period.

We may not issue or sell any shares of Common Stock
to the Investor under the SEPA that, when aggregated with all other shares of Common Stock then beneficially owned by the Investor and
its affiliates (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and Rule 13d-3 promulgated thereunder), would result in the Investor and its affiliates beneficially owning more than 9.99% of the outstanding
shares of Common Stock (the “Beneficial Ownership Limitation”). In addition, the number of shares of Common Stock that we
may issue to the Investor under the SEPA may be limited by the number of our authorized shares of Common Stock. As of April 17,
2025, we were authorized to issue a maximum