Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 124

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 124
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arrants, is approximately $4.3 million. The
July 2025 Offering closed on July 17, 2025.

45

ATM
Agreement

On
April 29, 2025, the Company entered into an At the Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright &
Co., LLC (“Wainwright”), as sales agent, pursuant to which the Company may offer and sell, from time to time, through Wainwright,
up to $3.75 million of shares of common stock. The Company will pay Wainwright a commission of 3.0% of the aggregate gross proceeds from
each sale of shares and has agreed to provide Wainwright with customary indemnification and contribution rights.

During the three months
ended June 30, 2025, the Company sold 3,340,663 shares of common stock pursuant to the ATM Agreement for net proceeds of $2.2 million
after deducting sales agent commissions of approximately $88 thousand. The Company has sold 1,867,824 shares of common stock pursuant
to the ATM Agreement subsequent to June 30, 2025 for additional net proceeds of approximately $1.4 million.

The
shares of common stock sold under the ATM Agreement are offered and sold pursuant to the Company’s effective shelf registration
statement on Form S-3 (File No. 333-286638) filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”)
on April 18, 2024, and declared effective by the SEC on April 29, 2025.

Project
Specific Developments

Project
Hedy

We
have signed a term sheet for power for Project Hedy, a new 120 MW data center co-located with a 200 MW wind farm in South Texas. The
wind farm is owned by a new power partner–a multinational conglomerate that focuses on developing and managing sustainable infrastructure
solutions, with a strong emphasis on renewable energy, water management, and services, aiming to contribute to a low-carbon economy and
a better planet.

Project
Ellen

We
have signed a term sheet for power for Project Ellen, a new 100 MW data center co-located with a 145 MW wind farm in South Texas.
The wind farm is owned by a new power partner—a leader in renewable energy and sustainable infrastructure both in the U.S. and
internationally. Project Ellen will be developed in