Company: SLNH
Filing Date: 2025-04-29
Form Type: 424B5
Source: 0001641172-25-006672
Chunk: 51

Company: Soluna Holdings, Inc
Filing Date: 2025-04-29
Form: 424B5
Chunk 51
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 are not callable at the issuer’s option, or certificates representing an ownership interest in such obligations.

Regarding the Trustee

Unless otherwise indicated in a prospectus supplement, the trustee will also act as depository of funds, transfer agent, paying agent and conversion agent, as applicable, with respect to the debt securities. In certain circumstances, we or the securityholders may remove the trustee as the trustee under a given indenture. The indenture trustee may also provide additional unrelated services to us as a depository of funds, registrar, trustee and similar services.

Governing Law

The indentures and the debt securities will be governed by New York law, except to the extent that the Trust Indenture Act of 1939 is applicable.

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<div align='center'>DESCRIPTION OF SUBSCRIPTION RIGHTS</div>

We may issue subscription rights to purchase our equity or debt securities. These subscription rights may be offered independently or together with any other security offered hereby and may or may not be transferable by the stockholder receiving the subscription rights in such offering. In connection with any offering of subscription rights, we may enter into a standby arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or other purchasers may be required to purchase any securities remaining unsubscribed for after such offering.

The prospectus supplement relating to any subscription rights we offer, if any, will, to the extent applicable, include specific terms relating to the offering, including some or all of the following:

| ● | the price,                                                                                                                                
 if any, for the subscription rights;                                                                                                      |
| ● | the exercise price payable                                                                                                                
 for our equity or debt securities upon the exercise of the subscription rights;                                                           |
| ● | the number of subscription                                                                                                                
 rights to be issued to each stockholder;                                                                                                  |
| ● | the number and terms of                                                                                                                   
 our equity or debt securities which may be purchased per each subscription right;                                                         |
| ● | the extent                                                                                                                                
 to which the subscription rights are transferable;                                                                                        |
| ● | any other terms of the                                                                                                                    
 subscription rights, including the terms, procedures and limitations relating to the exchange and exercise of the subscription rights;    |
| ● | the date on which the right                                                                                                               
 to exercise the subscription rights shall commence, and the date on which the subscription rights shall expire;                           |
| ● | the extent to which the                                                                                                                   
 subscription rights may include an over-subscription privilege with respect to unsubscribed securities or an over-allotment privilege