Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 214

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 214
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 other general corporate purposes
(the “KeyBank facility”). The line of credit bears interest at a rate of Prime + 0.75% per annum. Accrued interest is due
monthly and principal is due in full following KeyBank’s demand. As of January 1, 2023, the Company had drawn on the line of credit
and approximately $350 thousand of the amount drawn under the line of credit remained outstanding. As of December 31, 2023, the remaining
$350 thousand had been paid down. The Company does not have any remaining balance outstanding as of December 31, 2024 and December 31,
2023. The Company does not plan to draw down on the line of credit in the foreseeable future. In addition, future drawdowns require pre-approval
by KeyBank.

     F-28 

9.
Stockholders’ Equity

Preferred
Stock

The
Company has two series of preferred stock outstanding: the Series A Preferred Stock, with
a $25.00 liquidation preference; and the Series B Convertible Preferred Stock, par value
$0.0001 per share (the “Series B Preferred Stock”). As of December 31, 2024 and December 31, 2023, there were 4,953,545 and
3,061,245 shares of Series A Preferred Stock issued and outstanding, respectively, and as of December 31, 2024 and December 31, 2023
there was 62,500 shares of Series B Preferred Stock issued and outstanding, respectively.

Series
A Preferred Stock

The
Series A Preferred Stock is not convertible into or exchangeable into common stock of the Company, except upon the occurrence of a delisting
event or change of control. Per the Company’s Certificate of Designations, Preferences and Rights of 9.0% Series A Cumulative Perpertual
Preferred Stock (“Series A Certificate of Designations”), if there is an occurrence of delisting or change of control, the
holders of Series A Preferred Stock will have the right to convert the number of preferred A shares into a number of common shares by
the lesser of (a) the sum of the $25.00 liquidation preference per share of Series A Preferred Stock plus the amount of any accumulated
and unpaid dividends divided by the closing price of the common stock on ten consecutive trading days preceding a delisting event, or
(b) the share cap of 0.2817.

Series