Company: SLNH
Filing Date: 2025-11-17
Form Type: 424B3
Source: 0001493152-25-023884
Chunk: 12

Company: Soluna Holdings, Inc
Filing Date: 2025-11-17
Form: 424B3
Chunk 12
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 the SEC from time to time, which are incorporated by reference herein in their entirety, together with other information in this prospectus and the information incorporated by reference herein. |                                 |

The above discussion and table are based on 68,265,626 shares of our common stock outstanding as of October 22, 2025, and excludes:

| ● | 2,645 shares of our common stock issuable upon the exercise                                                      
 of options outstanding at a weighted average exercise price of $21.45 per share;                                 |
| ● | 199,190 shares of our common stock underlying restricted stock                                                   
 units;                                                                                                           |
| ● | 1,250,000 shares of our common stock issuable upon conversion                                                    
 of our Series B Convertible Preferred Stock, par value $0.001 per share (the “Series B Preferred Stock”); and    |
| ● | 5,466,739 shares of our common stock issuable upon the exercise                                                  
 of outstanding warrants, including pre-funded warrants, at a weighted average exercise price of $2.07 per share. |

As of October 22, 2025, we had 4,928,545 shares of our 9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share (the “Series A Preferred Stock”), issued and outstanding, and 62,500 shares of our Series B Preferred Stock issued and outstanding.

| 6 |

<div align='center'>PRIVATE PLACEMENTS</div>

On June 20, 2024, pursuant to the terms and subject to the conditions of a Note Purchase Agreement ( as amended on July 12, 2024, the“SPA”) by and among (i) Soluna AL CloudCo, LLC (“CloudCo”), a Delaware limited liability company and a subsidiary of Soluna Cloud, Inc. (“Soluna Cloud”), a Nevada corporation and a subsidiary of the Company, (ii) Soluna Cloud, (iii) the Company, and (iv) the Selling Stockholder (collectively, the “Note Parties”), CloudCo issued the Note to the Selling Stockholder in a private placement transaction exempt from the registration requirements of the Securities Act.

On March 23, 2025, the Note Parties entered into the Modification Agreement to, among other things, (i) provide for the deposit of 1,000,000 Common Shares into an escrow account maintained by Northland Securities, Inc. (“Northland”), (ii) provide