Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1514

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 1514
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 non-controlling interest of $1.0 million. We also received net proceeds
of approximately $817 thousand from the subsequent SPA offerings, in addition to proceeds from debt issuances of $3.1 million less debt
payment costs of $1.1 million on promissory notes and the Navitas loan, and $350 thousand for payment on the Company’s line of
credit.

Debt

    (Dollars in thousands) 
    Years Ended  December 31, 

    2024  
    2023 

    Convertible Notes 
    $-  
    $8,474 
  
    NYDIG Financing 
     9,183  
     9,183 
  
    Navitas Term Loan 
     137  
     1,681 
  
    CloudCo Secured Loan 
     10,983  
     - 
  
    CloudCo Additional Secured Loan 
     1,202  
     - 
  
    Total Debt 
    $21,505  
    $19,338 

On
June 20, 2024, pursuant to the terms and subject to the conditions of the June SPA by and among (i) CloudCo, (ii) Soluna Cloud,
(iii) the Company and (iv) the Investor, CloudCo issued to the Investor a secured promissory note in a principal amount equal to
$12.5 million (the “Soluna CloudCo Secured Note”). The Soluna CloudCo Secured Note accrues interest at a rate 9.0% per
annum, subject to adjustment upon an event of default. The Soluna CloudCo Secured Note matures on June 20, 2027. On July 12, 2024,
the Company, CloudCo, Soluna Cloud, and the Existing Investor entered into a First Amendment to the Note Purchase Agreement.
Additional Notes were issued for $1,250,000 (“Soluna CloudCo Additional Secured Note”) on July 12, 2024 and are subject
to the same terms and conditions as the June SPA financing. On October 1, 2024, CloudCo, Soluna Cloud and the Company entered into
assignment and assumption agreements (the “Assignment Agreements”) with the Additional Investors with respect to an
aggregate of $1.25 million of notes issued by CloudCo. Pursuant to the Assignment Agreements, the Company will be able to purchase
such