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

Company: Soluna Holdings, Inc
Filing Date: 2025-06-16
Form: S-1/A
Chunk 25
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 sell an amount of securities sufficient to support our continued operations, including
our near-term continued operations. Thus, we may not raise the amount of capital we believe is required for our operations in the short-term
and may need to raise additional funds, which may not be available or available on terms acceptable to us.

Our failure to maintain compliance with Nasdaq continued listing requirements could result in the delisting of our securities.

Our common stock is currently listed on Nasdaq.
Continued listing of a security on Nasdaq is conditioned upon compliance with various continued listing standards. We recently received
a notice from The Nasdaq Stock Market LLC’s Listing Qualifications Department indicating that we had not complied with the minimum
bid price requirement under the Nasdaq Rules and there can be no assurance that we will be able to regain compliance or be able to thereafter
maintain compliance with the listing requirements under the Nasdaq Rules. A delisting could substantially decrease trading in our common
stock, adversely affect the market liquidity of our common stock as a result of the loss of market efficiencies associated with our securities
being listed on Nasdaq and the loss of federal preemption of state securities laws, adversely affect our ability to obtain financing on
acceptable terms, if at all, and may result in the potential loss of confidence by investors, suppliers, and employees and lead to fewer
business development opportunities. Additionally, the market price of our common stock may decline further, and stockholders may lose
some or all of their investment.

We intend to actively monitor the closing bid
price of our common stock and may, if appropriate, consider implementing available strategies to regain compliance with the minimum bid
price requirement under the Nasdaq Rules. However, there can be no assurance that we will be able to regain compliance with the Nasdaq
listing requirements.

In the event of a delisting, we anticipate that
we would take actions to restore our compliance with Nasdaq or another national exchange’s listing requirements, but we can provide
no assurance that any such action taken by us would allow our common stock to regain listing on Nasdaq, stabilize our market price, improve
the liquidity of our common stock, prevent our common stock from dropping below the minimum bid price requirement under the Nasdaq Rules,
or prevent future non-compliance with Nasdaq or another national securities exchange’s listing requirements.

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<div align='center'>USE OF PROCEEDS</div>

We estimate that the net proceeds from the offering
will be approximately $4.3 million, assuming a combined public