Company: SLNH
Filing Date: 2025-01-28
Form Type: CORRESP
Source: 0001493152-25-003974
Chunk: 1

Company: Soluna Holdings, Inc
Filing Date: 2025-01-28
Form: CORRESP
Chunk 1
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 as exempted from the filing requirement under paragraph (h).” (emphasis added). FINRA Rule 5110(j)(18) defines a public offering as “any primary or secondary offering of securities made in whole or in part in the United States pursuant to a registration statement, offering circular or similar offering document including exchange offers, rights offerings, and offerings of securities made pursuant to a merger or acquisition except for: (A) securities exempt from registration with the SEC pursuant to the provisions of Sections 4(a)(1), 4(a)(2) or 4(a)(5) of the Securities Act; (B) securities exempt from registration with the SEC pursuant to Rule 504 of SEC Regulation D if the securities are restricted securities under Securities Act Rule 144(a)(3) or Rule 506 of SEC Regulation D; (C) securities exempt from registration with the SEC pursuant to Securities Act Rule 144A or SEC Regulation S; or (D) securities which are defined as “exempted securities” in Section 3(a)(12) of the Exchange Act.” FINRA Rule 5110(j)(16) notes that a member is deemed to be “participating” in a public offering if it (i) is involved in the preparation of the offering documents or other documents, (ii) is involved in the distribution of the offering, (ii) furnishes customer or broker lists for solicitation, or (iv) provides advisory or consulting services to the issuer related to the offering.

The Company respectfully advises the Staff that neither Northland Securities, Inc. (“Northland”) nor Univest Securities, LLC (“Univest”) are participating in or receiving any compensation in connection with any public offering pursuant to the Registration Statement. For purposes of clarity, the Investor is not a member broker-dealer firm registered with FINRA.

Northland is entitled to a 3% cash fee upon the issuance and sale by the Company of the SEPA shares to the Investor. The Company will issue the SEPA shares in a private placement transaction in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act and/or Rule 506(b) of Regulation D promulgated thereunder. Further, Northland will not be acting as an underwriter or placement agent in connection with the distribution of the securities by the Selling Holders.

Based on the foregoing, and because the offering for which Northland acted as placement agent (the issuance of the SEPA shares to the Investor) is not a “