Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 28

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 28
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the “Amendment”)
to the securities purchase agreement with the Series B Holder, pursuant to which the Series B Holder agreed to waive its right of first
refusal and participation rights with respect to the SEPA, to modify its consent rights to future financings, and to limit warrant exercises
and conversions in accordance with the terms of the Amendment. In return, the Company agreed to amend the conversion price of the Series
B Preferred Stock from $135.25 to $5, to amend the exercise of price of outstanding warrants held by the Series B Holder to $0.01 per
share, and to issue the Warrants.

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<div align='center'>RISK FACTORS</div>

Before purchasing any of the securities
you should carefully consider the risk factors incorporated by reference in this prospectus from our most recent Annual Report on Form
10-K. For a description of these reports and information about where you can find them, see “Where You Can Find More Information”
and “Incorporation of Certain Information By Reference.” Additional risks not presently known or that we presently
consider to be immaterial could subsequently materially and adversely affect our financial condition, results of operations, business
and prospects.

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<div align='center'>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</div>

Except for historical information, this prospectus
and the documents incorporated by reference in this prospectus contain, forward-looking statements made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995 under Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking
statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates,
intentions and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control,
and which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements
expressed or implied by such forward- looking statements. All statements other than statements of historical fact are statements that
could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,”
“can,” “anticipate,” “assume,” “should,” “indicate,” “would,”
“believe,” “contemplate,” “expect,” “seek,” “estimate,” “continue,”
“plan,” “point to,” “project,” “predict