Company: SLNH
Filing Date: 2025-10-27
Form Type: S-1
Source: 0001493152-25-019770
Chunk: 14

Company: Soluna Holdings, Inc
Filing Date: 2025-10-27
Form: S-1
Chunk 14
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 less than the Specified Amount (such difference, the “Make Whole Amount”), then the amount of each of the remaining scheduled payments shall be increased by an amount equal to the Make Whole Amount divided by the number of remaining scheduled payments, (iv) modify the Note such that the Note is now convertible into up to 2,500,000 Conversion Shares based on a conversion price of $5.00, (v) amend the Note to provide that we will be a direct co-obligor with CloudCo under the Note, and (vi) amend the SPA to allow us to organize or incorporate any subsidiary, over which we shall have voting or beneficial control, which is being formed with the intent to engage in a business or line of business substantially similar to that of Soluna Cloud or the Company, without first paying all of the principal and interest due under the Note and without first obtaining the Selling Stockholder’s prior written consent.

Also under the Modification Agreement, we agreed to register for resale the Common Shares and Conversion Shares (together, the “Registrable Securities”) as promptly as commercially practicable, as determined by us, following the registration for resale of certain other securities.Pursuant to the terms of the Modification Agreement, the net proceeds from dispositions of the Common Shares (i) at a price of up to $4.00 per share, shall be applied to reduce the outstanding principal balance of the Note, and (ii) at a price greater than $4.00 per share, shall be applied first to reduce the outstanding principal balance of the Note in an amount equal to $4.00 per share of our common stock and then to the Selling Stockholder.

We also agreed to register for resale the shares of our common stock issuable upon exercise of the Warrant as promptly as commercially practicable, as determined by us, after the issuance of the Warrant.

Subsequently, we and the Selling Stockholder mutually agreed that in lieu of issuing 1,000,000 Common Shares to Northland as described above, we would instead issue such Common Shares directly to the Selling Stockholder, and, on April 29, 2025, we issued 1,000,000 Common Shares directly to the Selling Stockholder.

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<div align='center'>RISK FACTORS</div>

Before purchasing any of the securities you should carefully consider the risk factors incorporated by reference in this prospectus from our most recent Annual Report on Form 10-K and any subsequent updates described in our Quarterly Reports on Form