Company: SLNH
Filing Date: 2025-02-03
Form Type: S-1/A
Source: 0001493152-25-004555
Chunk: 109

Company: Soluna Holdings, Inc
Filing Date: 2025-02-03
Form: S-1/A
Chunk 109
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 As of September 30, 2024, the Company has an outstanding principal balance of approximately $290 thousand.

On June 20, 2024, pursuant to the terms and subject to the conditions of a June SPA by and among (i) CloudCo, (ii) Soluna Cloud, (iii) the Company and (iv) Investor, CloudCo issued to the Investor a secured promissory note in a principal amount equal to $12.5 million (the “June 2024 Note”). The June 2024 Note accrues interest at a rate 9.0% per annum, subject to adjustment upon an event of default. The June 2024 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. This amendment allows CloudCo to issue additional secured promissory notes totaling $1,250,000 to new accredited investors. These Additional Notes are subject to the same terms and conditions as the June SPA financing.

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Comparison of the Nine-Months Ended September 30, 2024 and September 30, 2023, and the Year Ended December 31, 2023

|                                           | (Dollars in thousands) | Nine Months    
 Ended or as of | September 30, 2024 |   |     | Nine Months    
 Ended or as of | September 30, 2023 |   |     | Year           
 Ended or as of | December 31, 2023 |   |
|:------------------------------------------|:-----------------------|:---------------|-------------------:|:--|:----|:---------------|-------------------:|:--|:----|:---------------|------------------:|:--|
| Cash                                      |                        | $              |              8,766 |   |     | $              |              5,625 |   |     | $              |             6,368 |   |
| Restricted cash                           |                        |                |              3,441 |   |     |                |              4,428 |   |     |                |             3,999 |   |
| Working capital deficit                   |                        |                |            (12,820 | ) |     |                |            (13,177 | ) |     |                |           (13,891 | ) |
| Net loss                                  |                        |