Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1838

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 1838
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of the Preferred B dividend as discussed below.

Common
Stock

The
Company has one class of common stock, par value $0.001 per share. Each share of the Company’s common stock is entitled to one
vote on all matters submitted to stockholders. As of December 31, 2024 and December 31, 2023, there were 10,607,020 and 2,505,620 shares
of common stock outstanding, respectively.

Dividends

Pursuant
to the Certificate of Designations, Preferences and Rights of 9.0% Series A Cumulative Perpetual Preferred Stock of the Company, dividends,
when, as and if declared by the Board (or a duly authorized committee of the Board), will be payable monthly in arrears on the final
day of each month, beginning August 31, 2021. The Board of Directors had not declared any Series A Preferred Stock dividends beginning
October 2022 through December 31, 2024, as such the Company has accumulated approximately $8.6 million of dividends in arrears on the
Series A Preferred Stock through December 31, 2023, and an additional $9.9 million of dividends in arrears for the year ended December
31, 2024, for a total of approximately $18.5 million.

The
Company’s Series B Preferred Stock included a 10% accruing dividend compounded daily for 12 months from the original issue date
of July 20, 2022, and annually thereafter, that may be paid in cash or stock at the Company’s option at the earlier of (i) the
date the Series B Preferred Stock is converted, or (ii) the Series B Dividend Termination Date. On August 11, 2023, the Company paid
a mandatory dividend on its outstanding Series B Convertible Preferred Stock in the amount of approximately $656 thousand. Pursuant to
the Certificate of Designation for the Series B Stock, the Company had the option to pay the dividend in cash or shares of Common Stock.
Pursuant to a Dividend Payment Agreement, the Company and the holder of the Series B Stock agreed to satisfy the payment of the dividend
through the issuance of 44,000 shares of its Common Stock and 70,300 pre-funded warrants (the “Pre-funded Warrants”).

     F-29 

Effective
October 1, 2024 the dividend payment obligation has been