Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 28

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 28
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 | other factors beyond our control.                                                                                                           |

The foregoing does not represent an exhaustive list
of matters that may be covered by the forward-looking statements contained herein and in the documents incorporated by reference herein
or risk factors that we are faced with that may cause our actual results to differ from those anticipated in such forward-looking statements.
The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ
materially from those projected in the forward-looking statements. You should review the factors and risks and other information we describe
in our most recent Annual Report on Form 10-K, as well as any amendments thereto reflected in subsequent reports we will file from time
to time with the SEC.

All forward-looking statements included in this prospectus
and in the documents incorporated by reference in this prospectus are expressly qualified in their entirety by this cautionary note. You
are cautioned to not place undue reliance on any forward-looking statements, which speak only as of the date of this prospectus. You should
read this prospectus, including the financial statements and the notes to the financial statements included herein, completely and with
the understanding that our actual future results may be materially different from what we expect. In light of the significant uncertainties
in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person
that will achieve our objectives and plans in any specified time frame, or at all. We have no obligation, and expressly disclaim any obligation,
to update, revise or correct any of the forward-looking statements, whether as a result of new information, future events or otherwise.
We have expressed our expectations, beliefs and projections in good faith and believe they have a reasonable basis. However, we cannot
assure you that our expectations, beliefs or projections will result or be achieved or accomplished.

| 15 |

<div align='center'>SELLING HOLDERS</div>

This prospectus covers the resale or other disposition
by the Selling Holders identified in the table below of the Offered Securities, consisting of (i) 1,487,128 shares of Common Stock that
we may, at our discretion, elect to issue and sell the Investor from time to time after the date of this prospectus, pursuant to the SEPA,
(ii) 140,000 shares of Common Stock issuable upon the exercise of the Warrants issued to the Series B Holder, and (iv) 308,642 Release
Shares issued to Univest and Bradley Richmond