Company: SLNH
Filing Date: 2025-06-16
Form Type: S-1/A
Source: 0001641172-25-015179
Chunk: 21

Company: Soluna Holdings, Inc
Filing Date: 2025-06-16
Form: S-1/A
Chunk 21
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 nationally recognized trading system. Without an active trading market, the liquidity of the Pre-Funded Warrants and Common Warrants will be limited. |

The above discussion and table are based on 18,215,531
shares of our common stock outstanding as of June 12, 2025, and excludes:

| ● | 2,645                                                                                                                                  
 shares of our common stock issuable upon the exercise of options outstanding at a weighted average exercise price of $21.46 per share; |
| ● | 177,885                                                                                                                                
 shares of our common stock underlying restricted                                                                                       
 stock units;                                                                                                                           |
| ● | 1,250,000                                                                                                                              
 shares of our common stock issuable upon conversion of our Series B Convertible Preferred Stock, par value $0.001 per share (the       
 “Series B Preferred Stock”);                                                                                                           |
| ● | 2,347,134                                                                                                                              
 shares of our common stock issuable upon the exercise of outstanding warrants, including pre-funded warrants, at a weighted average    
 exercise price of $5.42 per share; and                                                                                                 |
| ● | 1,748,822                                                                                                                              
 shares of our common stock reserved for issuance                                                                                       
 under our equity incentive plans.                                                                                                      |

As of June 12, 2025, we had 4,953,545
shares of our 9.0% Series A Cumulative Perpetual Preferred Stock issued and outstanding (the “Series A Preferred Stock”)
and 62,500 shares of our Series B Preferred Stock issued and outstanding.

| 8 |

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

Before purchasing any of the securities you should carefully consider the risk factors set forth below and incorporated by reference in this prospectus from our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and any subsequent updates described in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as well as the risks, uncertainties and additional information set forth in our SEC reports on Forms 10-K, 10-Q, and 8-K and in the other documents incorporated by reference in this prospectus. For a description of these reports and documents, and information about where you can find them, see “Additional Information” and “Incorporation of Certain Information By Reference.” Additional risks not presently known or that we presently consider to be immaterial could subsequently materially and adversely affect our financial condition, results of operations, business