Company: SLNH
Filing Date: 2025-05-22
Form Type: S-1
Source: 0001641172-25-012098
Chunk: 42

Company: Soluna Holdings, Inc
Filing Date: 2025-05-22
Form: S-1
Chunk 42
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 be approximately $ million.

Placement Agent Warrants

In addition, we have agreed to issue the placement
agent warrants to the placement agent or its designees to purchase up to 5.0% of the aggregate number of shares of common stock sold in
this offering (including the shares of common stock issuable upon the exercise of the Pre-Funded Warrants), at an exercise price equal
to 125% of the public offering price per share and accompanying Common Warrants to be sold in this offering. The placement agent warrants
will be exercisable beginning on the effective date of Warrant Stockholder Approval, provided that if the Pricing Conditions are met,
the placement agent warrants will be exercisable upon issuance. The placement agent warrants will expire five years from the commencement
of sales under this offering. The placement agent warrants are registered on the registration statement of which this prospectus is a
part. The form of the placement agent warrant is included as an exhibit to this registration statement of which this prospectus forms
a part.

Right of First Refusal

Subject to consummation of the offering and other
exceptions, we have granted a right of first refusal to the placement agent pursuant to which it has the right to act as the sole book-running
manager, sole underwriter or sole placement agent, as applicable, if we decide to raise capital through a public offering (including an
at-the-market facility) or private placement or any other capital-raising financing of equity, or equity-linked securities at any time
prior to the eighteen (18) months following the closing date of this offering.

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Tail

Subject to certain exceptions, in the event that
any investors with whom the placement agent had back-and-forth correspondence (written or oral) during the term of our engagement agreement
with the placement agent provide any capital to us in a public or private offering or other financing or capital-raising transaction of
any kind (each, a “Tail Financing”) within eighteen (18) months following the termination or expiration of our engagement
agreement with the placement agent, we shall pay the placement agent the cash and warrant compensation provided above on the gross proceeds
raised in such Tail Financing from such investors.

Determination of Offering Price

The combined public offering price per share and
accompanying Common Warrants and the combined public offering price per Pre-Funded Warrant and accompanying Common Warrants we are offering
and the exercise prices and other terms of the Pre-Funded Warrants and Common Warrants were negotiated between