Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 30

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 30
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 will achieve our objectives and plans in any specified time frame, or at all. We have no obligation, and expressly disclaim any obligation,
to update, revise or correct any of the forward-looking statements, whether as a result of new information, future events or otherwise.
We have expressed our expectations, beliefs and projections in good faith and believe they have a reasonable basis. However, we cannot
assure you that our expectations, beliefs or projections will result or be achieved or accomplished.

| 15 |

<div align='center'>SELLING HOLDERS</div>

This prospectus covers the resale or other disposition
by the Selling Holders identified in the table below of the Offered Securities, consisting of (i) 1,487,128 shares of Common Stock that
we may, at our discretion, elect to issue and sell the Investor from time to time after the date of this prospectus, pursuant to the SEPA,
(ii) 140,000 shares of Common Stock issuable upon the exercise of the Warrants issued to the Series B Holder, and (iv) 308,642 Release
Shares issued to Univest and Bradley Richmond that were issued such shares in connection with prior investment banking activities unrelated
to the SEPA. Such Selling Holders acquired the Offered Securities in the transactions described above under the heading “The Standby Equity Purchase Agreement.”

The table below sets forth, as of April 17,
2025, the following information regarding the Selling Holders:

| ● | the names of the Selling Holders;                                                                                                                              |
| ● | the number of shares of Common Stock owned by the Selling Holders prior to this offering;                                                                      |
| ● | the number of shares of Common Stock to be offered by the Selling Holders in this offering;                                                                    |
| ● | the number of shares of Common Stock to be owned by the Selling Holders assuming the sale of all of the shares of Common Stock covered by this prospectus; and |
| ● | the percentage of our issued and outstanding shares of                                                                                                         
 Common Stock to be owned by the Selling Holders assuming the sale of all of the shares of Common Stock covered by this prospectus                              
 based on the number of shares of Common Stock issued and outstanding as of April 17, 2025.                                                                     |

Except as described otherwise, the number of shares
of Common Stock beneficially owned by the Selling Holders has been determined in accordance with Rule 13d-3 under the Exchange Act and
includes, for such purpose, shares of Common Stock