Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 26

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 26
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 may occur, could cause the market price of our Common Stock to
decline and to be highly volatile.

If and when the Investor receives shares pursuant
to the terms of the SEPA, after the Investor has acquired such shares, the Investor may resell all, some or none of such shares at any
time or from time to time in its discretion and at different prices. As a result, stockholders who purchase shares of our Common Stock
from the Investor in this offering at different times will likely pay different prices for those shares of Common Stock, and so may experience
different levels of dilution and in some cases substantial dilution and different outcomes in their investment results. The stockholders
may experience a decline in the value of the shares of the Company’s Common Stock they purchase from the Investor in this offering
as a result of future issuances made by the Company to the Investor at prices lower than the prices such stockholders paid for their shares
in this offering. In addition, if the Company issues a substantial number of shares to the Investor under the SEPA, or if stockholders
expect that the Company will do so, the actual sales of shares or the mere existence of the SEPA may make it more difficult for the Company
to sell equity or equity-related securities in the future at a time and at a price that it might otherwise wish to affect such sales.

Because the price at which the shares may be issued
to the Investor will fluctuate based on the market prices of the Common Stock, as of the date of this prospectus it is not possible for
the Company to predict the number of shares of its Common Stock that will be issued to the Investor under the SEPA or the actual purchase
price at which such shares are issued to the Investor.

The issuance of shares of the Company’s Common
Stock to the Investor pursuant to the SEPA will not affect the rights or privileges of existing stockholders, except that the economic
and voting interests of each of the existing stockholders will be diluted. Although the number of shares of Common Stock that existing
stockholders own will not decrease, the shares of Common Stock owned by existing stockholders will represent a smaller percentage of the
total outstanding shares of Common Stock after any such issuance.

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The offer and sale of the shares to the Investor pursuant
to the SEPA is and will be made in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act and/or
Rule 506(b) of Regulation