Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 21

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 21
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 two pricing options, at the election of the Company. Under the first option (“Pricing Option
1”), the Company will sell the shares of Common Stock to the Investor at 96% of the Market Price (as defined below) for any period
commencing (i) if submitted to the Investor prior to 9:00 a.m. Eastern Time on a trading day, at the open of trading on such day or (ii)
if submitted to the Investor after 9:00 a.m. Eastern Time on a trading day, upon receipt by the Company of written confirmation of acceptance
of the advance notice by the Investor and, in either case, ending at 4:00 p.m. New York City time on the applicable advance notice date
(the “Option 1 Pricing Period”). Under the second option (“Pricing Option 2”), the Company will sell the shares
of Common Stock to the Investor at 97% of the Market Price for the three consecutive trading days commencing on the advance notice date
(the “Option 2 Pricing Period”). “Market Price” is defined as, for any Option 1 Pricing Period, the daily VWAP
of the Common Stock on Nasdaq during the Option 1 Pricing Period, and for any Option 2 Pricing Period, the lowest VWAP of the Common Stock
on the Nasdaq during the Option 2 Pricing Period.

In the case of an Advance Notice effected under the
SEPA, if any, all share and dollar amounts used in determining the purchase price per share of Common Stock to be purchased by in an Advance,
or in determining the applicable maximum purchase share amounts or applicable volume or price amounts in connection with any such Advance,
in each case, will be equitably adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split
or other similar transaction occurring during any period used to calculate such per share purchase price, maximum purchase share amounts
or applicable volume or price amounts.

Conditions Precedent to the Right of the Company to Deliver an Advance Notice

The Investor’s obligation to accept Advance
Notices that are timely delivered by us under the SEPA and to purchase shares of our Common Stock in Advances under the SEPA, are subject
to satisfaction of the conditions precedent thereto set forth in the SEPA, all of which are entirely outside of the Investor’s control,
which conditions include the following:

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 ● | the accuracy in all material respects of the representations and warranties of the Company included