Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 4068

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 4068
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Stock

The
Company has two series of preferred stock outstanding: the Series A Preferred Stock, with
a $25.00 liquidation preference; and the Series B Convertible Preferred Stock, par value
$0.0001 per share (the “Series B Preferred Stock”). As of December 31, 2024 and December 31, 2023, there were 4,953,545 and
3,061,245 shares of Series A Preferred Stock issued and outstanding, respectively, and as of December 31, 2024 and December 31, 2023
there was 62,500 shares of Series B Preferred Stock issued and outstanding, respectively.

Series
A Preferred Stock

The
Series A Preferred Stock is not convertible into or exchangeable into common stock of the Company, except upon the occurrence of a delisting
event or change of control. Per the Company’s Certificate of Designations, Preferences and Rights of 9.0% Series A Cumulative Perpertual
Preferred Stock (“Series A Certificate of Designations”), if there is an occurrence of delisting or change of control, the
holders of Series A Preferred Stock will have the right to convert the number of preferred A shares into a number of common shares by
the lesser of (a) the sum of the $25.00 liquidation preference per share of Series A Preferred Stock plus the amount of any accumulated
and unpaid dividends divided by the closing price of the common stock on ten consecutive trading days preceding a delisting event, or
(b) the share cap of 0.2817.

Series
B Preferred Stock

On
July 19, 2022, the Company entered into a Securities Purchase Agreement (the “Series B SPA”) with an accredited investor
(the “Series B Investor”) pursuant to which the Company sold to the Series B Investor 62,500 shares of Series B Preferred
Stock, for a purchase price of $5,000,000. The shares of Series B Preferred Stock are initially convertible, subject to certain conditions,
into 46,211 shares of common stock, at a price per share of $135.25 per share, a 20% premium to the closing price of the common stock
on July 18, 2022, subject to adjustment as set forth in the Certificate of Designations of Preferences, Rights and Limitations for the
Series B Preferred Stock (“Series B Certificate of Designations”). On October 1, 2024, the Company agreed,