Company: SLNH
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001493152-25-026274
Chunk: 23

Company: Soluna Holdings, Inc
Filing Date: 2025-12-05
Form: 424B5
Chunk 23
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 another person, or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding securities, the holders of the Pre-Funded Warrants will be entitled to receive upon exercise of the Pre-Funded Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the Pre-Funded Warrants immediately prior to such fundamental transaction on a net exercise basis.

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<div align='center'>PLAN OF DISTRIBUTION</div>

We have engaged H.C. Wainwright & Co., LLC (the “placement agent”) to act as our exclusive placement agent, on a reasonable best-efforts basis, in connection with this offering pursuant to this prospectus supplement and accompanying prospectus. The terms of this offering are subject to market conditions and negotiations between us, the placement agent, and prospective investors. Our engagement letter with the placement agent does not give rise to any commitment by the placement agent to purchase any of the securities, and the placement agent will have no authority to bind us by virtue of the engagement letter. The placement agent is not purchasing the securities offered by us in this offering and is not required to sell any specific number or dollar amount of securities but will assist us in this offering on a reasonable best-efforts basis. Further, the placement agent does not guarantee that it will be able to raise new capital in any prospective offering. The placement agent may engage sub-agents or selected dealers to assist with the offering. We have entered into a securities purchase agreement directly with the investors in connection with this offering, and we will only sell to investors who have entered into the securities purchase agreement. We may not sell the entire amount of shares of our common stock offered or Pre-Funded Warrants pursuant to this prospectus supplement.

We expect to deliver the shares of our common stock, Series C Warrants, and Pre-Funded Warrants being offered pursuant to this prospectus supplement on or about December 5, 2025, subject to satisfaction of customary closing conditions.

An associated person of the placement agent has agreed to purchase in this offering, on the same terms and conditions, an aggregate of 1,129,944 shares of common stock and Series C warrants to purchase up to 1,129,944 shares of our common stock for a total purchase price of $2,000,000.88.

Fees and Expenses

The following table shows the per share and total cash fees we will pay to the placement agent in connection with the sale of our