Company: SLNH
Filing Date: 2025-01-15
Form Type: S-1/A
Source: 0001493152-25-002391
Chunk: 201

Company: Soluna Holdings, Inc
Filing Date: 2025-01-15
Form: S-1/A
Chunk 201
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 SHI common stock (the “Termination Shares”). SCI also reimbursed HEL $ 75thousand for transaction-related fees and expenses. SHI included the termination costs as part of asset acquisition per ASC 805-50. Based on the closing price of the SHI common stock on Nasdaq on November 5, 2021, SHI has valued the aggregate termination consideration at approximately $ 1.9million.

Merger Consideration

The fair value of the Merger Consideration includes various assumptions, including those related to the allocation of the estimated value of the maximum number of Merger Shares ( 118,800) issuable as Merger Consideration, which issuance is contingent on the achievement of certain milestones of generating active Megawatts from Qualified Projects in which the Cost Requirement is satisfied within five years after the effective date of the merger, as set forth in the Merger Agreement and the schedules thereto, as set forth below. The Merger Consideration and the timing of the payment thereof is subject to the following qualifications and limitations:

| 1a) | Upon                                                                                                                         
 the Company achieving each one active MegaWatts (“Active MWs”) from the projects in which the cost requirement is satisfied, 
 this will cause SHI to issue to HEL 792 shares for each one MW up to a maximum 150 Active MW.                                |

| i.  | If,                                                                                                                                     
 on or before June 30, 2022, SCI or Soluna Callisto directly or indirectly achieves at least 50 active MWs from one or more of three     
 current projects as set forth in the Merger Agreement that satisfy the Cost Requirement as defined within the Merger Agreement, then    
 the Merger Shares will be issued at an accelerated rate of 1,188 Merger Shares for each of such first 50 Active MW, such that the       
 Merger Shares in respect of the remaining 100 Active MWs (if any) will be issued at a reduced rate of 594 Merger Shares per Active      
 MW (see below for extension and issuance of a proportion of shares);                                                                    |
| ii. | If,                                                                                                                                     
 by June 30, 2023, SCI or Soluna Calisto fail to achieve directly or indirectly (other than pursuant to a Portfolio Acquisition) at      
 least 50 Active MW from Projects that satisfy the Cost Requirement, then the maximum aggregate number of Merger Shares shall be reduced 
 from 118,800 to 59,400 (see below for extension and issuance of a