Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 47

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 47
---
 “Series B SPA”) with the Series B Holder pursuant to which the Company sold
to the Series B Holder 62,500 shares of Series B Preferred Stock (the “Series B Shares”), for a purchase price of $5,000,000.
The Series B Shares were initially convertible, subject to certain conditions, into 46,211 shares of Common Stock, at a price per share
of $135.25 per share, a 20% premium to the closing price of the Common Stock on July 18, 2022, subject to adjustment as set forth in the
Certificate of Designations of Preferences, Rights and Limitations for the Series B Preferred Stock (“Series B Certificate of Designations”).
On October 2, 2024, the Company agreed, as a condition of a waiver of the Series B Holder’s right of first refusal and participation
rights in connection with the SEPA, to reduce the conversion price to $5.00 upon stockholder approval, which was obtained on November
15, 2024.

In addition, in 2022, the Company
issued to the Series B Holder 60,000 Common Stock purchase warrants (the “Series B Warrants”) to purchase up to an aggregate
of shares of Common Stock. In connection with the above referenced waiver, the exercise price of these warrants was reduced to $0.01 per
share and the 140,000 Warrants were issued. The Series B Holder is entitled to exercise the Series B Warrants at any time on or prior
to January 19, 2028.

Effective from October 2, 2024,
the sale of Common Stock as a result of conversion of Series B Preferred Stock and exercise of the 140,000 Warrants is subject to a 12
month lockup, followed by a 12 month leak out where the holder may not sell shares during the lockup period and may sell up to 1/12th
of total conversion and warrant exercise shares per month during the leak out.

| 26 |

The Company’s Series B Preferred Stock included
a 10% accruing dividend compounded daily for 12 months from the original issue date of July 20, 2022, and annually thereafter, that may
be paid in cash or stock at the Company’s option at the earlier of (i) the date the Series B Preferred Stock is converted, or (ii)
the Series B Dividend Termination Date (as defined in the Certificate of Designations of the Series