Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 26

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 26
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 Company has issued convertible notes to various
institutional investors (together with their respective agents, the “Purchasers”). The Master Consent provides the following
from the Purchasers:

| ● | consent to the Company’s entry into the SEPA and the Payment Agreements (as described below);    |
| ● | waiver of any rights of first refusal or participation rights in connection with the SEPA ;      |
| ● | standstill of the rights to exercise certain $0.01 warrants pursuant to the SPA;                 |
| ● | the right to prepay the convertible notes with a 20% premium;                                    |
| ● | termination of the SPA and related agreements upon the full payoff of the convertible notes; and |
| ● | mutual limited release of claims between the Purchasers and the Company.                         |

In return for these consents, the Company agreed to pay the Purchaser agents
a $750,000 fee for the right to prepay the Notes.

The Company entered into payment agreements with the
Purchasers in connection with the SEPA (the “Payment Agreements”), pursuant to which the Company and the Purchasers agreed
to permit the full or partial prepayment of any outstanding convertible note balances held by the Purchasers at any time with five business
days’ notice.

Agreements with Series B Holder

The Company entered into Amendment No. 1 (the “Amendment”)
to the securities purchase agreement with the Series B Holder, pursuant to which the Series B Holder agreed to waive its right of first
refusal and participation rights with respect to the SEPA, to modify its consent rights to future financings, and to limit warrant exercises
and conversions in accordance with the terms of the Amendment. In return, the Company agreed to amend the conversion price of the Series
B Preferred Stock from $135.25 to $5, to amend the exercise of price of outstanding warrants held by the Series B Holder to $0.01 per
share, and to issue the Warrants.

| 13 |

<div align='center'>RISK FACTORS</div>

Before purchasing any of the securities
you should carefully consider the risk factors incorporated by reference in this prospectus from our most recent Annual Report on Form
10-K. For a description of these reports and information about where you can find them, see “Where You Can Find More Information”
and “Incorporation of Certain Information By Reference.” Additional risks not presently known or that we presently
consider to be immaterial could subsequently