Company: SLNH
Filing Date: 2025-02-05
Form Type: 424B3
Source: 0001493152-25-005030
Chunk: 199

Company: Soluna Holdings, Inc
Filing Date: 2025-02-05
Form: 424B3
Chunk 199
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 outstanding equity securities of SCI and/or the surviving          
 corporation, or (C) a merger, consolidation, or other transaction in which the holders of SHI’s, SCI’s, or the surviving                   
 corporation’s outstanding voting securities immediately prior to such transaction own, immediately after such transaction,                 
 securities representing less than 50% of the voting power of the corporation or other entity surviving such transaction (excluding         
 any such transaction principally for bona fide equity financing purposes, so long as, in the case of SHI or SCI (but not the surviving     
 corporation) such transactions, individually and in the aggregate, do not result in a change in membership of such entity’s                
 board of directors so that the persons who were members of the board of directors immediately prior to the first such transaction          
 constitute less than 50% of the board membership at any time after such transaction(s) are consummated). Notwithstanding the foregoing,    
 a transaction shall not constitute a Change of Control if its sole purpose is to change the state of SHI’s or SCI’s incorporation          
 or to create a holding company that will be owned in the same proportions by the persons who held SHI’s or SCI’s securities                
 immediately prior to such transaction; and                                                                                                 |
| vi.  | if                                                                                                                                         
 on any of the fifth anniversary of the effective time of the merger, a facility has not become a Qualified Facility and therefore          
 is not taken into consideration in the calculation of Active MW because any of the elements set forth in the definition of “Qualified      
 Facility” as defined in the Merger Agreement have not been met for reasons beyond the reasonable control of SCI’s management               
 team, but SCI’s management team is then actively engaged in the process of completing and is diligently pursuing the completion            
 of the missing elements, then (A) the target dates set forth above shall be extended for an additional 90 days, and (B) additional         
 extensions of time may be granted by the Board of Directors in its commercially reasonable discretion, in each case for the purpose        
 of enabling SCI’s management team to complete the steps needed to qualify the facility as a Qualified Facility.                            |

On April 11, 2023, the Board had reviewed and approved the progress of SCI’s management team in qualifying facilities as Qualified Facilities and discussed an extension of the date in Section 2.7(a)(ii)(A) of the Merger Agreement to December 31, 2023 (previously was June 30, 2022), and an extension of the date in