Company: SLNH
Filing Date: 2025-04-29
Form Type: 424B5
Source: 0001641172-25-006672
Chunk: 9

Company: Soluna Holdings, Inc
Filing Date: 2025-04-29
Form: 424B5
Chunk 9
---
 share (the “Series B Preferred Stock”);                              |

| ● | 2,347,134                                                                                                                           
 shares of our common stock issuable upon the exercise of outstanding warrants, including pre-funded warrants, at a weighted average 
 exercise price of $5.42 per share; and                                                                                              |

| ● | 2,711,573                                                                          
 shares of our common stock reserved for issuance under our equity incentive plans. |

| S-4 |

<div align='center'>RISK FACTORS</div>

Investing in our securities involves a high degree of risk. Before deciding whether to invest in our securities, you should carefully consider the risk factors we describe in this prospectus supplement and in any related free writing prospectus that we may authorize to be provided to you or in any report incorporated by reference into this prospectus supplement, including our Annual Report on Form 10-K for the year ended December 31, 2024, or any Quarterly Report on Form 10-Q that is incorporated by reference into this prospectus supplement. Although we discuss key risks in those risk factor descriptions, additional risks not currently known to us or that we currently deem immaterial also may impair our business. Our subsequent filings with the SEC may contain amended and updated discussions of significant risks. We cannot predict future risks or estimate the extent to which they may affect our financial performance.

Risks Relating to this Offering

We may allocate the net proceeds from this offering in ways that you or other stockholders may not approve.

We currently intend to use the net proceeds of this offering, if any, for working capital, project-level equity, and general corporate purposes, which may include capital expenditures and business expansions. This expected use of the net proceeds from this offering represents our intentions based upon our current plans and business conditions. The amounts and timing of our actual expenditures may vary significantly depending on numerous factors, including the progress of our development efforts, and any unforeseen cash needs. Because the number and variability of factors that will determine our use of the proceeds from this offering, their ultimate use may vary substantially from their currently intended use. As a result, our management will retain broad discretion over the allocation of the net proceeds from this offering and could spend the proceeds in ways that do not necessarily improve our operating results or enhance the value of our common stock. See “ Use of Proceeds.”

It is not possible to predict the aggregate proceeds resulting from sales made under the Sales Agreement.

Subject to certain limitations in the Sales Agreement and compliance with applicable law, we have the