Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1360

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 1360
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13. Certain Relationships and Related Transactions, and Director Independence 

The
following is a description of transactions since January 1, 2023, and each currently proposed transaction in which:

  ●
  We have been or are to be a participant;

  ●
  the amount involved exceeded or will exceed the lesser of $120,000 or 1% of our total assets at year-end for our last two completed fiscal
years; and

  ●
  any of our directors, executive officers or beneficial owners of more than 5% of our capital stock, or any immediate family member of,
or person sharing the household with, any of these individuals or entities, had or will have a direct or indirect material interest, other
than compensation and other arrangements that are described in the section titled “Executive Compensation.”

MeOH
Power, Inc.

On
December 18, 2013, MeOH Power, Inc. (“MeOH”) and the Company executed a Senior Demand Promissory Note (the “Note”)
in the amount of $380 thousand to secure the intercompany amounts due to the Company from MeOH upon the deconsolidation of MeOH. Interest
accrues on the Note at the Prime Rate in effect on the first business day of the month, as published in the Wall Street Journal. At the
Company’s option, all or part of the principal and interest due on this Note may be converted to shares of common stock of MeOH
at a rate of $0.07 per share. Interest began accruing on January 1, 2014. The Company recorded a full allowance against the Note. As
of December 31, 2024 and December 31, 2023, $385 thousand and $363 thousand, respectively, of principal and interest are available to
convert into shares of common stock of MeOH. Any adjustments to the allowance are recorded as miscellaneous expenses during the period
incurred.

HEL
Transactions

On
October 29, 2021, the Company completed the Soluna Callisto acquisition pursuant to a merger agreement (the “Merger Agreement”).
The purpose of the transaction was for SCI to acquire substantially all of the assets (other than those assets physically located in
Morocco) formerly held by Harmattan Energy, Ltd. (formerly Soluna Technologies, Ltd.) (“HEL”), which assets consisted of
SCI’s existing pipeline of certain cryptocurrency mining projects that HEL previously transferred to SCI, which was formed expressly
for this