Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 19

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 19
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 the advance notice by the Investor and, in either case, ending at 4:00 p.m. New York City time on the applicable advance notice date
(the “Option 1 Pricing Period”). Under the second option (“Pricing Option 2”), the Company will sell the shares
of Common Stock to the Investor at 97% of the Market Price for the three consecutive trading days commencing on the advance notice date
(the “Option 2 Pricing Period”). “Market Price” is defined as, for any Option 1 Pricing Period, the daily VWAP
of the Common Stock on Nasdaq during the Option 1 Pricing Period, and for any Option 2 Pricing Period, the lowest VWAP of the Common Stock
on the Nasdaq during the Option 2 Pricing Period.

We may not issue or sell any shares of Common Stock
to the Investor under the SEPA that, when aggregated with all other shares of Common Stock then beneficially owned by the Investor and
its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the
Investor and its affiliates beneficially owning more than 9.99% of the outstanding shares of Common Stock (the “Beneficial Ownership
Limitation”). In addition, the number of shares of Common Stock that we may issue to the Investor under the SEPA may be limited
by the number of our authorized shares of Common Stock. As of April 17, 2025, we were authorized to issue a maximum of 75 million
shares of Common Stock, and we had an aggregate of 12,508,045 shares of Common Stock outstanding. Assuming a (i) Market Price of $0.62
and, (ii) no beneficial ownership limitations, we may issue up to 38,633,651 shares of Common Stock under Pricing Option 1 and up to
38,235,366 shares of Common Stock under Pricing Option 2, which would reflect approximately 309% and 306%, respectively, of the outstanding
shares of our Common Stock as of the date hereof after giving effect to such issuances. This does not include consent fees paid to a
Selling Holder in connection with advances under the SEPA.

On November 15, 2024, at a Special Meeting of Stockholders
and pursuant to the rules of the Nasdaq Capital Market, we obtained stockholder approval to issue to the Investor, pursuant to the SEPA,