Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 185

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 185
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 warrants (the “Series B Warrants,” and together with the Series A Warrants, the “Common
Warrants”) to purchase 9,090,909 shares of common stock.

Each
Share or Pre-Funded Warrant was sold together with one Series A Warrant to purchase one Share and one Series B Warrant to purchase one
Share. The combined public offering price for each Share (or Pre-Funded Warrant) and accompanying Common Warrants was $0.55. The Pre-Funded
Warrants have an exercise price of $0.001 per share, are exercisable immediately upon issuance and will expire when exercised in full.
Each Common Warrant has an exercise price of $0.55 per share and is exercisable immediately upon issuance. The Series A Warrants will
expire on the 5five-year anniversary of the initial exercise date of July 17, 2025 and the Series B Warrants will expire on the 24twenty-four-month
anniversary of the initial exercise date of July 17, 2025.

The
net proceeds of the July 2025 Offering, after deducting the fees and expenses of the placement agent and other offering expenses payable
by the Company, but excluding the net proceeds, if any, from the exercise of the Common Warrants, was approximately $4.2 million. The
July 2025 Offering closed on July 17, 2025.

Based
on a review of the Common Warrants, the warrants were liability treated. Based
on a fair value assessment on July 17, 2025, the Common Warrants had a fair value of approximately $8.6
million. For the three and nine months ended September 30, 2025, approximately 17.1
million warrants were exercised in which the Company received approximately $9.4
million in gross proceeds, and due to change in fair value on date of exercise and the original fair value on July 17, 2025, there
was a fair value adjustment loss of approximately $11.5
million. The Company also evaluated the fair value adjustment for the outstanding Common Warrants, and recognized an
additional fair value loss of approximately $2.3
million.

The
following table represents the significant fair value assumptions used for the Pre-funded, Series A, and Series B warrants issued or
revalued during the three and nine months ended September 30, 2025.

Schedule
of Fair Value Assumptions For Pre-funded,