Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 23

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 23
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 exceed the Maximum Advance Amount (as defined below),
by timely delivering an Advance Notice to the Investor by 9:00 a.m. New York City time on any Trading Day we select as the purchase date
(the “Purchase Date”) for such purchase.

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The “Maximum Advance Amount” applicable
to such Advance will be an amount equal to one hundred percent (100%) of the average of the daily trading volume of the Company’s
Common Stock during regular trading hours as reported by Bloomberg L.P. (“Daily Traded Amount”) during the five consecutive
Trading Days immediately preceding the date of such Advance Notice.

The actual number of shares of Common Stock that the Investor will be required
to purchase in an Advance, which we refer to as the Advance Amount, will be equal to the number of shares that we specify in the applicable
Advance Notice, subject to adjustment to the extent necessary to give effect to the applicable Maximum Advance Amount and other applicable
limitations set forth in the SEPA, including the Beneficial Ownership Limitation.

Under the SEPA, shares of Common Stock may be issued
and sold to the Investor under one of two pricing options, at the election of the Company. Under the first option (“Pricing Option
1”), the Company will sell the shares of Common Stock to the Investor at 96% of the Market Price (as defined below) for any period
commencing (i) if submitted to the Investor prior to 9:00 a.m. Eastern Time on a trading day, at the open of trading on such day or (ii)
if submitted to the Investor after 9:00 a.m. Eastern Time on a trading day, upon receipt by the Company of written confirmation of acceptance
of the advance notice by the Investor and, in either case, ending at 4:00 p.m. New York City time on the applicable advance notice date
(the “Option 1 Pricing Period”). Under the second option (“Pricing Option 2”), the Company will sell the shares
of Common Stock to the Investor at 97% of the Market Price for the three consecutive trading days commencing on the advance notice date
(the “Option 2 Pricing Period”). “Market Price” is defined as, for any Option 1 Pricing Period, the daily VWAP
of the Common Stock on Nasdaq during the Option 1 Pricing Period, and for any Option 2 Pricing Period, the lowest VWAP of the Common Stock
on the Nasdaq during the Option 2 Pricing Period.