Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 52

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 52
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 been provided by the FASB or
the SEC, it is unclear how companies may in the future be required to account for cryptocurrency transactions and assets and related revenue
recognition. A change in regulatory or financial accounting standards could result in the necessity to change our accounting methods and
restate our financial statements. Such a restatement could adversely affect the accounting for our newly mined cryptocurrency rewards
and more generally negatively impact our business, prospects, financial condition, and results of operations. Such circumstances would
have a material adverse effect on our ability to continue as a going concern or to pursue our new strategy at all, which would have a
material adverse effect on our business, operations and prospects, as well as potentially on the value of any cryptocurrencies we hold
or expect to acquire for our own account, and harm our investors

39

If we are not able to comply with the applicable
continued listing requirements or standards of Nasdaq, Nasdaq could delist our common stock or Series A Preferred Stock or broker-dealers
may be discouraged from effecting transactions in shares of our securities.

Our common stock has been listed on Nasdaq since March 2020, and our Series
A Preferred Stock since August 2021. To maintain these listings, we must continue to meet Nasdaq’s financial and corporate governance
standards, including requirements for stock price, stockholders’ equity, and board independence. While we are currently in compliance,
our share price has previously fallen below Nasdaq’s minimum, and there is no guarantee we will continue to meet all listing requirements.

If we are unable to maintain our Nasdaq listings, our securities may be
delisted and quoted on over-the-counter (OTC) markets instead. This would likely reduce the liquidity, market price, and visibility of
our stock, and could make it more difficult for investors to sell their shares.

Delisting may also limit our ability to raise capital or use our stock
as consideration for acquisitions. In addition, if our common stock trades below $5.00 per share and is no longer listed on a national
exchange, it could be classified as a “penny stock.” This would subject trading in our stock to additional regulatory requirements,
which could discourage broker-dealers from making a market in our shares and make it harder for investors to buy or sell our stock.

The rights of holders
of our Series A Preferred Stock and Series B Preferred Stock (as defined below) rank senior to the rights of the holders of our common
stock.

The rights of the