Company: SLNH
Filing Date: 2025-05-22
Form Type: S-1
Source: 0001641172-25-012098
Chunk: 28

Company: Soluna Holdings, Inc
Filing Date: 2025-05-22
Form: S-1
Chunk 28
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 $ |      |
| Historical net tangible book value per share as of March 31, 2025                                                  |     | $ | 0.94 |
| Increase in net tangible book value per share attributable to the Investor Shares                                  |     | $ |      |
| Pro forma net tangible book value after giving effect to the Investor Shares                                       |     | $ |      |
| Increase in pro forma net tangible book value per share attributable to this offering                              |     | $ |      |
| Pro forma as adjusted net tangible book value per share as of March 31, 2025 after, giving effect to this offering |     | $ |      |
| Dilution per share to new investors purchasing common stock in this offering                                       |     | $ |      |

In the event that the actual combined public offering
per share of common stock and accompanying Common Warrants is more or less than the assumed combined public offering price of $ per
share and accompanying Common Warrants (the closing price of our common stock on Nasdaq on , 2025), the number of shares
and/or Pre-Funded Warrants and Common Warrants we sell may be decreased or increased so long as the aggregate offering amount does not
exceed the total amount registered on the registration statement of which this prospectus forms a part. Assuming a total offering amount
of $ , for every $0.10 increase in the assumed combined public offering price per share and accompanying
Common Warrants, we would sell fewer shares of common stock and/or Pre-Funded Warrants and Common Warrants and for every $0.10 decrease
in the assumed combined public offering price per share and accompanying Common Warrants, we would sell additional shares of common stock
and/or Pre-Funded Warrants and Common Warrants. Each $0.10 increase in the assumed combined public offering price per share and accompanying
Common Warrants would increase the pro forma as adjusted net tangible book value per share by $ per share and increase
the dilution per share to investors participating in this offering by $ per share after deducting estimated
offering expenses payable by us. Each $0.10 decrease in the assumed combined public offering price per share and accompanying Common Warrants
would decrease the pro forma as adjusted net tangible book value per share by $ per share and decrease the dilution
per share to investors participating in this offering by $ per share, after deducting estimated offering expenses payable
by us.

The table and discussion above are based on 12,508,045