Company: SLNH
Filing Date: 2025-05-22
Form Type: S-1
Source: 0001641172-25-012098
Chunk: 36

Company: Soluna Holdings, Inc
Filing Date: 2025-05-22
Form: S-1
Chunk 36
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 part, by delivering to us a duly executed exercise notice accompanied by
payment in full for the number of shares of our common stock purchased upon such exercise (except in the case of a cashless exercise as
discussed below). A holder (together with its affiliates) may not exercise any portion of such holder’s Common Warrants to the extent
that the holder would own more than 4.99% of the outstanding common stock immediately after exercise, except that upon at least 61 days’
prior notice from the holder to us, the holder may increase the amount of ownership of outstanding stock after exercising the holder’s
Common Warrants up to 9.99% of the number of shares of our common stock outstanding immediately after giving effect to the exercise, as
such percentage ownership is determined in accordance with the terms of the Common Warrants.

Cashless Exercise. If, at the time a holder
exercises its Common Warrants, a registration statement registering the issuance or resale of the shares of common stock underlying the
Common Warrants under the Securities Act is not then effective or available for the issuance of such shares, then in lieu of making the
cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect
instead to receive upon such exercise (either in whole or in part) the net number of shares of common stock determined according to a
formula set forth in the Common Warrants.

Fundamental Transactions. In the event
of any fundamental transaction, as described in the Common Warrants and generally including any merger or consolidation with or into another
entity, sale of all or substantially all of our assets, tender offer or exchange offer, or reclassification of our common stock, then
upon any subsequent exercise of a Common Warrant, the holder will have the right to receive as alternative consideration, for each share
of our common stock that would have been issuable upon such exercise immediately prior to the occurrence of such fundamental transaction,
the number of shares of common stock of the successor or acquiring corporation or of our company, if it is the surviving corporation,
and any additional consideration receivable upon or as a result of such transaction by a holder of the number of shares of our common
stock for which the Common Warrant is exercisable immediately prior to such event. Notwithstanding the foregoing, in the event of a fundamental
transaction, the holders of the Common Warrants have the right to require us or a successor entity to redeem the Common Warrants for cash