Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 176

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 176
---
 1, 2024- December 31, 2024) 
     (3,123)
  
    Revaluation gains and
    extinguishment of debt, net (October 1, 2024- December 31, 2024) 
     (247)
  
    Balance December 31, 2024 
    $- 

For
the three and nine months ended September 30, 2024, the Company had approximately $2.2 million and $5.9 million of note conversions with
the Noteholders, approximately $2.3 million in revaluation gains, net and $450 thousand in revaluation losses, net in relation to fair
value assessments of the convertible debt, and a 4% note extension in June 2024 increasing the note balance by approximately $325 thousand.
As of September, the Company had a fair value outstanding balance of approximately $3.4 million and a principal outstanding value of
approximately $3.1 million. In addition, from October 1, 2024 through December 31, 2024, there was approximately $3.1 million of conversion
with the Noteholders, and incurred a revaluation gain of debt of approximately $247 thousand, in which as of December 31, 2024, the Convertible
Notes were no longer outstanding.

The
following table represents the significant and subjective fair value assumptions used for Convertible Notes during the year ended December
31, 2024. As the Convertible Notes were fully converted in fiscal year 2024, no assumptions were noted for the three and nine months
ended September 30, 2025.

Schedule of Fair Value Assumptions For Convertible Notes 

    Year Ended
                                                                                December 31, 2024

    Stock
    price
     
    $
    2.88
    – 6.09

    Conversion
    price
     
    $
    2.30
    – 3.78

    Volatility

    80.0
    – 115
    %
  
    Risk-free
    interest rate

    4.73-
    5.46
    %

On February
28, 2024, the Company and the Noteholders entered into a Fourth Amendment Agreement to amend the Notes, SPA and related agreements to
facilitate future financings by the Company. In addition, the Company was permitted to unilaterally extend the maturity date of the