Company: SLNH
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010886
Chunk: 18

Company: Soluna Holdings, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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     1,202 
  
    Total Debt 
    $14,444  
    $7,061  
    $21,505 

NYDIG Financing

 Schedule of Financing Debt

    (Dollars in thousands) 
    Maturity Dates 
    Interest Rate 
    January 1,
2025- March 31, 2025  
    January 1, 2024-
                                                                                December
31, 2024 
  
    NYDIG Loans #1-11 
    April 25, 2023 thru January 25, 2027* 
    14% thru 16% 
    $9,183  
    $9,183 

    Less: repossession of collateralized assets 

     —  
     — 
  
    Total outstanding debt 

    $9,183  
    $9,183 

    *
    
    Due to event of default- the entire NYDIG Financing became current, see note below.

On December 30, 2021, Borrower, a subsidiary of Soluna
MC, a subsidiary of SDI, a subsidiary of the Company, entered into a Master Equipment Finance Agreement (the “Master Agreement”)
with NYDIG as lender, servicer and collateral agent (the “NYDIG facility”). The Master Agreement outlined the framework for
a financing up to approximately $14.4 million in aggregate equipment financing. Subsequently, the parties negotiated the specific terms
of each equipment financing transaction as well as the terms upon which the Noteholders would consent to the transactions contemplated
by the Master Agreement.

On January 14, 2022, the Borrower effected an initial
drawdown under the Master Agreement in the aggregate principal amount of approximately $4.6 million that bore interest at 14% and was
to be repaid over 24 months. On January 26, 2022, the Borrower had a subsequent drawdown of $9.8 million. As part of the transactions
contemplated under the Master Agreement, (i) the Company’s indirect wholly owned subsidiary, Soluna MC LLC, formerly EcoChain Block
LLC (“Guarantor”), which is the owner of 100% of the equity interests of Borrower, executed a Guaranty Agreement in favor
of NYDIG, as lender, dated as of December 30, 2021 (the “Guaranty Agreement”), (ii) Borrower had granted