Company: SLNH
Filing Date: 2025-07-09
Form Type: PRE 14A
Source: 0001641172-25-018420
Chunk: 40

Company: Soluna Holdings, Inc
Filing Date: 2025-07-09
Form: PRE 14A
Chunk 40
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 Split.                                       |

Our Board intends to select a Reverse Stock Split ratio (within the aggregate range indicated above) that it believes would be most likely to achieve the anticipated benefits of each Reverse Stock Split.

| 30 |

Certain Risks Associated with One or More Reverse Stock Splits

Before voting on this proposal, stockholders should consider the following risks associated with effecting any Reverse Stock Split:

| ● | As                                                                                                                                        
 noted above, the principal purpose of each Reverse Stock Split is to increase the market price of our common stock in order to meet       
 the continuing listing requirements of the Nasdaq Capital Market. However, the Reverse Stock Split(s), if effected, may not increase      
 the market price of our common stock in proportion to the reduction in the number of shares of our common stock outstanding, or at        
 all. If the proposed Reverse Stock Split does result in an increase in the market price of our common stock, the increase may not         
 be long-term or permanent. The market price of our common stock is dependent on many factors, including our business and financial        
 performance, general market conditions, prospects for future growth and other factors detailed from time to time in the reports we        
 file with the SEC. We cannot predict the effect that the Reverse Stock Split may have upon the market price of our common stock with      
 any certainty, and the history of similar reverse stock splits for companies in similar circumstances to ours is varied. The total        
 market capitalization of our common stock after the proposed Reverse Stock Split may be lower than the total market capitalization        
 before the proposed Reverse Stock Split and, in the future, the market price of our common stock following the Reverse Stock Split        
 may not exceed or remain higher than the market price prior to the proposed Reverse Stock Split.                                          |
| ● | Even                                                                                                                                      
 if our stockholders approve the Reverse Stock Split Proposal and one or more Reverse Stock Splits are effected, there can be no assurance 
 that we will continue to meet the continued listing requirements of the Nasdaq Capital Market.                                            |
| ● | Any                                                                                                                                       
 Reverse Stock Split may result in some stockholders owning “odd lots” of less than 100 shares of common stock on a post-split             
 basis. These odd lots may be more difficult to sell, or require greater transaction costs per share to sell, than shares in “round        
 lots” of even multiples of 100 shares. Although our Board believes that the decrease in the number of shares of common stock              
 outstanding as a consequence of a Reverse Stock Split and the anticipated increase in