Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 47

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 47
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arrants

As of April 17, 2025, there were options to
acquire a total of 2,645 shares of Common Stock at a weighted-average exercise price of $21.46 of which 2,645
shares of our Common Stock are currently issuable upon exercise of outstanding stock options at a weighted-average exercise price
of $21.46 per share; and outstanding warrants to purchase up to an aggregate of 2,407,135 shares of Common Stock at
a weighted average exercise price of $5.28 (including the shares underlying the warrants). Below is a summarized table of outstanding
warrants and their exercise prices, which includes the 140,000 Warrants issued to the Series B Holder.

| Exercise Price |        |     | Warrants Outstanding |           |
|:---------------|-------:|:----|:---------------------|----------:|
| $              |   0.01 |     |                      |   333,313 |
| $              |   3.78 |     |                      |   316,557 |
| $              |   4.20 |     |                      |   846,657 |
| $              |   5.70 |     |                      |   846,657 |
| $              |   6.00 |     |                      |     1,409 |
| $              |  19.00 |     |                      |    39,520 |
| $              |  39.60 |     |                      |     2,779 |
| $              | 108.25 |     |                      |    19,464 |
| $              | 206.00 |     |                      |       779 |
| Total          |        |     |                      | 2,407,135 |

Certain Provisions of Our Articles of Incorporation Bylaws

Our Articles of Incorporation and Bylaws contain provisions
and terms that may delay, defer, or prevent a tender offer or change in control of the Company that a shareholder might consider to be
in his, her, or its best interests, including attempts that might result in a premium being paid over the market price for our shares
of Common Stock. The Company expects that such provisions and terms will operate to discourage extraordinary corporate transactions with
respect to the Company, such as takeover bids, and will instead encourage any potential acquiror of the Company to first correspond with
the Board. These provisions and terms include:

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