Company: SLNH
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001493152-25-026274
Chunk: 63

Company: Soluna Holdings, Inc
Filing Date: 2025-12-05
Form: 424B5
Chunk 63
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| 27 |

<div align='center'>PLAN OF DISTRIBUTION</div>

Initial Offering and Sale of Securities

Unless otherwise set forth in a prospectus supplement accompanying this prospectus, we may sell the securities being offered hereby, from time to time, by one or more of the following methods:

| ● | to or through underwriting                                    
 syndicates represented by managing underwriters;              |
| ● | through one or more underwriters                              
 without a syndicate for them to offer and sell to the public; |
| ● | through dealers                                               
 or agents; and                                                |
| ● | to investors directly in                                      
 negotiated sales or in competitively bid transactions.        |

Offerings of securities covered by this prospectus also may be made into an existing trading market for those securities in transactions at other than a fixed price, either:

| ● | on or through the facilities                                                                                                           
 of the Nasdaq Capital Market or any other securities exchange or quotation or trading service on which those securities may be listed, 
 quoted, or traded at the time of sale; and/or                                                                                          |
| ● | to or through a market                                                                                                                 
 maker other than on the securities exchanges or quotation or trading services set forth above.                                         |

Those at-the-market offerings, if any, will be conducted by underwriters acting as principal or agent of the Company, who may also be third-party sellers of securities as described above. The prospectus supplement with respect to the offered securities will set forth the terms of the offering of the offered securities, including:

| ● | the name or                                                                                        
 names of any underwriters, dealers or agents;                                                      |
| ● | the purchase price of the                                                                          
 offered securities and the proceeds to us from such sale;                                          |
| ● | any underwriting discounts                                                                         
 and commissions or agency fees and other items constituting underwriters’ or agents’ compensation; |
| ● | any initial public offering                                                                        
 price and any discounts or concessions allowed or reallowed or paid to dealers;                    |
| ● | any securities exchange                                                                            
 on which such offered securities may be listed; and                                                |
| ● | any                                                                                                
 underwriter, agent or dealer involved in the offer and sale of any series of the securities.       |

The distribution of the securities may be effected from time to time in one or more transactions:

| ● | at                                                
 fixed prices, which may be changed;               |
| ● | at                                                
 market prices prevailing at the time of the sale; |
| ● | at                                                
 varying prices