Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1050

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 1050
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 and amortized over the
life of the line of credit agreement. As such, the Company recorded $53
thousand within Prepaid expenses and other current
assets and $75
thousand within Other assets on the consolidated
balance sheet as of December 31, 2024, of which $35
thousand has been amortized and recorded within
Interest Expense.

June
2024 secured note and July 2024 additional secured note

 Schedule of Secured Note Financing

    (Dollars in thousands) 
    Maturity Date 
    Interest Rate  
    June 20, 2024-  December 31, 2024 
  
    Term Loan and capitalized interest (excludes debt issuance cost) 
    June 20, 2027 
     9% 
    $14,062 
  
    Less: principal and capitalized interest payments 

     (1,105)
  
    Less: debt discount 

     (236)
  
    Less: debt issuance costs 

     (535)
  
    Total outstanding note 

     12,186 
  
    (Less) Current note outstanding 

     5,125 
  
    Long-term note outstanding 

    $7,061 

     F-27 

On
June 20, 2024, pursuant to the terms and subject to the conditions of a Note Purchase Agreement (the “June SPA”) by and among
(i) CloudCo, a Delaware limited liability company and indirect wholly owned subsidiary of the
Company, (ii) Soluna Cloud, a Nevada corporation, indirect wholly owned subsidiary of the Company, and parent of CloudCo, (iii) the Company and (iv) the accredited investor named therein (the “Investor”, and collectively the “Note Parties”), CloudCo issued to the Investor
a secured promissory note in a principal amount equal to $12.5 million (the “Note”). The Note accrues interest at a rate
9.0% per annum, subject to adjustment upon an event of default. The Note matures on June 20, 2027. CloudCo’s obligations under
the Note will be secured by all or substantially all of CloudCo’s assets, including pursuant to a security agreement to be executed
and delivered by CloudCo in favor of the Investor (the “CloudCo Security Agreement”, and together with the June SPA and the
Note, the “CloudCo Agreements”).

As
f