Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 20

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 20
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shares of Common Stock that exceed 19.99% of the shares of Common Stock outstanding immediately prior to the execution of the SEPA.

Pursuant to the SEPA, we were required to register
resales of the shares of Common Stock eligible to be sold pursuant to the SEPA. We agreed to file a registration statement and shall not
have the ability to request any advances under the SEPA until the registration statement, of which this prospectus forms a part, is declared
effective.

Fees

As consideration for the Investor’s entry into
the SEPA, we paid to the Investor a non-refundable due diligence fee of $25,000 and issued 59,382 shares of Common Stock to the the Investor
as consideration for its irrevocable commitment to purchase shares of Common Stock at our direction, from time to time after the date
of this prospectus, upon the terms and subject to the conditions set forth in the SEPA (the “Commitment Shares”).

Purchases of Common Stock Under the SEPA

Advance Notice

Pursuant to the SEPA, we will have the right, but
not the obligation, from time to time at our sole discretion for a period of up to 24 months, unless the SEPA is earlier terminated, to
direct the Investor to purchase a specified number of shares of Common Stock, not to exceed the Maximum Advance Amount (as defined below),
by timely delivering an Advance Notice to the Investor by 9:00 a.m. New York City time on any Trading Day we select as the purchase date
(the “Purchase Date”) for such purchase.

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The “Maximum Advance Amount” applicable
to such Advance will be an amount equal to one hundred percent (100%) of the average of the daily trading volume of the Company’s
Common Stock during regular trading hours as reported by Bloomberg L.P. (“Daily Traded Amount”) during the five consecutive
Trading Days immediately preceding the date of such Advance Notice.

The actual number of shares of Common Stock that the Investor will be required
to purchase in an Advance, which we refer to as the Advance Amount, will be equal to the number of shares that we specify in the applicable
Advance Notice, subject to adjustment to the extent necessary to give effect to the applicable Maximum Advance Amount and other applicable
limitations set forth in the SEPA, including the Beneficial Ownership Limitation.

Under the SEPA, shares of Common Stock may be issued
and sold to the Investor under one of