Company: SLNH
Filing Date: 2025-10-20
Form Type: DEFA14A
Source: 0001493152-25-018649
Chunk: 3

Company: Soluna Holdings, Inc
Filing Date: 2025-10-20
Form: DEFA14A
Chunk 3
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 equity capital and debt capital.

The chart below illustrates this relationship. WACC is highest at the extremes - that is, a capital mix of all equity or all debt. Optimal WACC results from a mix of the two, equity and debt.

As we grow, we will need more capital. Increasing our authorized shares gives us the flexibility to dynamically adjust that mix and optimize WACC as we grow.

This request gives Soluna the flexibility to grow on our termsand create value for our shareholders.

Vote FOR all proposals today.

Call Alliance Advisors TODAY: 1-855-206-1311

Learn more: https://www.solunacomputing.com/investors/updates/proxy-vote-faqs/

#SLNH $SLNH

“Our Peers”

Soluna’s Board is asking shareholders to approve an increase in authorized shares from 75 million to 375 million.

To put this in perspective:

WULF: 600,000,000 authorized shares

CIFR: 500,000,000

BITF: unlimited(Canadian)

MARA: 800,000,000

CLSK: 600,000,000

APLD: 400,000,000

IREN: 999,999,999

$SLNH: 75,000,000 → proposed 375,000,000

Soluna’s current share authorization is significantly smaller than other public companies in our sector (many of which operate at a far greater scale).

75 million shares fit the past. Our future needs a capital structure built for scale.

By increasing our authorized shares, we’re positioning Soluna to:

→ Strengthen our capital flexibility to fund growth initiatives.

→ Support strategic partnerships, financings, or mergers that accelerate our mission.

→ Align our structure with industry peers and institutional expectations.

This is about enabling Soluna to stay competitive, fund growth efficiently, and build long-term value for our shareholders.

Vote FOR all proposals TODAY by contacting Alliance Advisors at 1-855-206-1311 TODAY.

Learn more: https://www.solunacomputing.com/investors/updates/proxy-vote-faqs/

#SLNH $SLNH

Soluna currently has just 75M authorized shares. That’s far less than our peers:

WULF – 600M

CIFR – 500M

BITF – Unlimited (Canada)

MARA – 800M

CLSK – 600M

APLD – 400M

We