Company: SLNH
Filing Date: 2025-05-22
Form Type: S-1
Source: 0001641172-25-012098
Chunk: 47

Company: Soluna Holdings, Inc
Filing Date: 2025-05-22
Form: S-1
Chunk 47
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8-K and amendments to those reports
filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act with the SEC free of charge at our website as soon as reasonably
practicable after such material is electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed
through, our website is not incorporated by reference into, and is not part of, this prospectus.

<div align='center'>LEGAL MATTERS</div>

The validity of the shares of our common stock
being offered hereby and certain other matters of Nevada law will be passed upon for us by Brownstein Hyatt Farber Schreck, LLP, Las Vegas,
Nevada. The validity of the other securities offered hereby will be passed upon for us by Lowenstein Sandler LLP, New York, New York.
The Placement Agent is being represented by .

<div align='center'>EXPERTS</div>

The consolidated balance sheets of Soluna Holdings,
Inc. and its subsidiaries as of December 31, 2024 and 2023, and the related consolidated statements of operations, changes in equity,
and cash flows for each of the years then ended have been audited by UHY LLP, independent registered public accounting firm, as stated
in their report which is incorporated herein by reference. Such financial statements have been incorporated herein by reference in reliance
on the report of such firm given upon their authority as experts in accounting and auditing.

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<div align='center'>Up to Shares of Common Stock

Pre-Funded Warrants to Purchase up to Shares of Common Stock

Series A Warrants to Purchase up to Shares of Common Stock

Series B Warrants to Purchase up to Shares of Common Stock

Placement Agent Warrants to Purchase up to Shares of Common Stock

Up to Shares of Common Stock underlying Pre-Funded Warrants, Series A Warrants, Series B Warrants and Placement Agent Warrants

PRELIMINARY PROSPECTUS

The date of this prospectus is ,
2025.

PART II

INFORMATION NOT REQUIRED IN PROSPECTUS</div>

Item 13. Other Expenses of Issuance and Distribution.

The following table sets forth the costs and expenses,
other than placement agent fees and commissions, payable by us in connection with the sale and distribution of the securities being registered.
All of the amounts shown are estimates, except for the SEC registration fee and the FINRA filing fee:

|                              |     | Amount     
 to be paid |