Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 2

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 2
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 include information contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on March 31, 2025 (the “Annual Report”) and (ii) update certain other information in the Original Registration Statement.

Relative to the number of shares of our Common Stock
covered by the Original Registration Statement, the number of shares of our Common Stock covered by this Amendment has been adjusted to
reflect that 1,512,872 shares of Common Stock were previously sold by the selling stockholders named herein pursuant to the Original Registration
Statement.

All applicable filing fees were paid at the time of
filing of the Original Registration Statement. No additional securities are being registered under this Amendment.

The information contained in this preliminary
prospectus is not complete and may be changed. The Selling Holders may not resell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities, and it
is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

<div align='center'>Subject to Completion, Dated April 18, 2025

PRELIMINARY PROSPECTUS

Up to 1,935,770 Shares of Common Stock</div>

This prospectus relates to the offer and resale, from
time to time, by the selling holders identified in this prospectus (the “Selling Holders”), or their permitted transferees,
of up to 1,935,770 shares of common stock, par value $0.001 (“Common Stock”), of Soluna Holdings, Inc., a Nevada corporation
(the “Company,” “We,” or “Us”). These shares of Common Stock consist of:

| ● | 1,487,128 shares of Common Stock that we may, at our discretion, elect to issue and sell to YA II PN, Ltd. (the “Investor”) from time to time after the date of this prospectus, pursuant to the Standby Equity Purchase Agreement, dated as of August 12, 2024, entered into by and between the Company and the Investor (the “SEPA”); |
| ● | 140,000 shares of Common Stock issuable upon the exercise of the warrants (the “Warrants”) issued to Chuntao Zhou (the “Series B Holder”), the holder of our Series B Convertible Preferred Stock, par