Company: SLNH
Filing Date: 2025-06-16
Form Type: S-1/A
Source: 0001641172-25-015179
Chunk: 3

Company: Soluna Holdings, Inc
Filing Date: 2025-06-16
Form: S-1/A
Chunk 3
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 or (ii) the offering is a discounted offering where the pricing and discount (including attributing a value of $0.125 per whole share underlying each Common Warrant) meet the pricing requirements under the Nasdaq Rules.

We are also offering pre-funded warrants (“Pre-Funded
Warrants”), to purchase up to an aggregate of 7,754,342 shares of common stock to those purchasers whose purchase of shares
of common stock in this offering would result in the purchaser, together with its affiliates and certain related parties, beneficially
owning more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding common stock following the consummation of this
offering in lieu of the shares of our common stock that would result in ownership in excess of 4.99% (or, at the election of the purchaser,
9.99%). Each Pre-Funded Warrant will be exercisable for one share of common stock at an exercise price of $0.001 per share. Each Pre-Funded
Warrant is being issued together with the same Common Warrants described above being issued with each share of common stock. The assumed
combined public offering price for each such Pre-Funded Warrant, together with the Common Warrants, is $0.6438, which is equal
to the closing price of our common stock on Nasdaq on June 12, 2025, less the $0.001 per share exercise price of each such Pre-Funded
Warrant. Each Pre-Funded Warrant will be exercisable upon issuance and will expire when exercised in full. The Pre-Funded Warrants and
Common Warrants are immediately separable and will be issued separately in this offering but must be purchased together in this offering.
For each Pre-Funded Warrant we sell, the number of shares of common stock we are offering will be decreased on a one-for-one basis. This
offering also relates to the shares of common stock issuable upon the exercise of the Pre-Funded Warrants and the Common Warrants.

This offering will terminate on July 16, 2025,
unless we decide to terminate the offering (which we may do at any time in our discretion) prior to that date. We will have one closing
for all the securities purchased in this offering. The combined public offering price per share (or Pre-Funded Warrant) and accompanying
Common Warrants will be fixed for the duration of this offering.

We have engaged