Company: SLNH
Filing Date: 2025-05-22
Form Type: S-1
Source: 0001641172-25-012098
Chunk: 2

Company: Soluna Holdings, Inc
Filing Date: 2025-05-22
Form: S-1
Chunk 2
---
 Pre-Funded Warrants, Series A Warrants,
Series B Warrants and Placement Agent Warrants</div>

We are offering shares
of our common stock, par value $0.001 per share (the “common stock”), together with Series A warrants (the “Series A
Warrants”) to purchase shares of common stock and Series B warrants (the “Series B Warrants”
and collectively with the Series A Warrants, the “Common Warrants”) to purchase shares
of common stock, at an assumed combined public offering price of $ per share together with one Series
A Warrant and one Series B Warrant, which is equal to the closing price per share of our common stock on the Nasdaq Capital Market (“Nasdaq”),
on , 2025, pursuant to this prospectus. The shares of common stock and Common Warrants will be separately issued but
must be purchased together in this offering. Each share of common stock is being sold together with one Series A Warrant to purchase one
share of common stock and one Series B Warrant to purchase one share of common stock. Each Common Warrant will have an exercise price
of $ per share and will be exercisable beginning on the effective date of stockholder approval of the issuance of the
shares upon exercise of the Common Warrants (“Warrant Stockholder Approval” and such date, the “Initial Exercise Date”);
, , if the Pricing Conditions (as defined below) are met, the Initial Exercise Date of the Common Warrants
shall be the date of issuance thereof. The Series A Warrants will expire on the five-year anniversary of the Initial Exercise Date and
the Series B Warrants will expire on the twenty-four-month anniversary of the Initial Exercise Date. As used herein, “Pricing Conditions”
means that the combined offering price per share and accompanying Common Warrants is such that Warrant Stockholder Approval is not required
under the rules of The Nasdaq Stock Market LLC (the “Nasdaq Rules”) because either (i) the offering is an at-the-market offering
under the Nasdaq Rules and such price equals or exceeds the sum of (a) the applicable “Minimum Price” per share under Nasdaq
Rule 5635(d) plus (b) $0.125 per whole share of common stock underlying each Common Warrant, or (ii) the offering is a discounted offering
where the pricing and discount (including attributing a value of $0.125 per whole share underlying each Common Warrant)