Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 46

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 46
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,000 Common Stock purchase warrants (the “Series B Warrants”) to purchase up to an aggregate
of shares of Common Stock. In connection with the above referenced waiver, the exercise price of these warrants was reduced to $0.01 per
share and the 140,000 Warrants were issued. The Series B Holder is entitled to exercise the Series B Warrants at any time on or prior
to January 19, 2028.

Effective from October 2, 2024,
the sale of Common Stock as a result of conversion of Series B Preferred Stock and exercise of the 140,000 Warrants is subject to a 12
month lockup, followed by a 12 month leak out where the holder may not sell shares during the lockup period and may sell up to 1/12th
of total conversion and warrant exercise shares per month during the leak out.

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The Company’s Series B Preferred Stock included
a 10% accruing dividend compounded daily for 12 months from the original issue date of July 20, 2022, and annually thereafter, that may
be paid in cash or stock at the Company’s option at the earlier of (i) the date the Series B Preferred Stock is converted, or (ii)
the Series B Dividend Termination Date (as defined in the Certificate of Designations of the Series B Preferred Stock). Effective October
1, 2024, the dividend payment obligation was modified to be annual. The amendment resulted in annual dividend payments going forward.
As a result of the amendment, we were obligated to make annual dividend payments for the period starting from July 2023 as per the Series
B Preferred Consent and Waiver, however, the Board has not yet declared any dividends for that period. As such, as of March 31, 2025,
we have accumulated approximately $1.1 million dividends in arrears in relation to the Series B Preferred Stock.

Listing

Our shares of Common Stock and Series A Preferred
Stock are listed on Nasdaq Capital Market under the symbols “SLNH” and “SLNHP”, respectively.

Transfer Agent and Registrar

The transfer agent and registrar for our Common Stock
and Preferred Stock is Equiniti Trust Company, LLC (“EQ” or “Transfer Agent”) (formerly: American Stock Transfer
& Trust Company, LLC). The Transfer Agent’s address is 48 Wall Street, 23rd Floor, New York, NY 10005.

Outstanding Stock Options and W