Company: SLNH
Filing Date: 2025-06-16
Form Type: S-1/A
Source: 0001641172-25-015179
Chunk: 39

Company: Soluna Holdings, Inc
Filing Date: 2025-06-16
Form: S-1/A
Chunk 39
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     | $ |
| Per Pre-Funded Warrant and Common Warrants placement agent cash fees |     | $ |
| Total                                                                |     | $ |

We have agreed to pay the placement agent a total
cash fee equal to 7.0% of the aggregate gross proceeds raised in the offering. We will reimburse the placement agent for reasonable fees
and expenses of legal counsel and other reasonable out-of-pocket expenses in an amount up to $125,000 and its out-of-pocket clearing
expenses in an amount up to $15,950 in connection with this offering. We estimate the total offering expenses of this offering that will
be payable by us, excluding the placement agent fees and expenses, will be approximately $0.218 million. After deducting the placement
agent fees and our estimated offering expenses, we expect the net proceeds from this offering to be approximately $4.3 million.

Placement Agent Warrants

In addition, we have agreed to issue the placement
agent warrants to the placement agent or its designees to purchase up to 5.0% of the aggregate number of shares of common stock sold in
this offering (including the shares of common stock issuable upon the exercise of the Pre-Funded Warrants), at an exercise price equal
to 125% of the public offering price per share and accompanying Common Warrants to be sold in this offering. The placement agent warrants
will be exercisable beginning on the effective date of Warrant Stockholder Approval, provided that if the Pricing Conditions are met,
the placement agent warrants will be exercisable upon issuance. The placement agent warrants will expire five years from the commencement
of sales under this offering. The placement agent warrants are registered on the registration statement of which this prospectus is a
part. The form of the placement agent warrant is included as an exhibit to this registration statement of which this prospectus forms
a part.

Right of First Refusal

Subject to consummation of the offering and other
exceptions, we have granted a right of first refusal to the placement agent pursuant to which it has the right to act as the sole book-running
manager, sole underwriter or sole placement agent, as applicable, if we decide to raise capital through a public offering (including an
at-the-market facility) or private placement or any other capital-raising financing of equity, or equity-linked securities at any time
prior to the eighteen (18) months following the closing date of this offering.

| 18 |

Tail

Subject to certain exceptions, in the