Company: SLNH
Filing Date: 2025-11-12
Form Type: 424B3
Source: 0001493152-25-021949
Chunk: 1

Company: Soluna Holdings, Inc
Filing Date: 2025-11-12
Form: 424B3
Chunk 1
---
, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices. See “ Plan of Distribution” in this prospectus for more information. We will not receive any proceeds from the resale or other disposition of the Securities by the Selling Securityholder. See “ Use of Proceeds” beginning on page 13 and “ Plan of Distribution” beginning on page 14 of this prospectus for more information.

Our common stock is listed on the Nasdaq
Capital Market (“Nasdaq”) under the symbol “SLNH”. The last reported sale price for our common stock on November
11, 2025 on Nasdaq was $2.37.

You should read this prospectus, together with the additional information described under the headings “ Incorporation of Certain Information by Reference” and “ Where You Can Find More Information,” carefully before you invest in any of our securities.

An investment in our securities involves a high degree of risk. Before deciding whether to invest in our securities, you should consider carefully the risks and uncertainties described in the section captioned “ Risk Factors” contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission, or the SEC, on March 31, 2025 and our other filings we make with the SEC from time to time, which are incorporated by reference herein in their entirety, together with other information in this prospectus and the information incorporated by reference herein.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

<div align='center'>The date of this prospectus is November 5, 2025.</div>

<div align='center'>TABLE OF CONTENTS</div>

|                                                      | Page |
| ABOUT THIS PROSPECTUS                                |    1 |
| PROSPECTUS SUMMARY                                   |    2 |
| THE OFFERING                                         |    7 |
| PRIVATE PLACEMENT                                    |    8 |
| RISK FACTORS                                         |    9 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS |   10 |
| SELLING SECURITYHOLDER                               |   11 |
| USE OF PROCEEDS                                      |   13 |
| PLAN OF DISTRIBUTION                                 |   14 |
| DESCRIPTION OF SECURITIES                            |   16 |
| LEGAL MATTERS                                        |