Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 182

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 182
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 1/12th of total conversion and warrant exercise shares per month during the leak out. The effects of the
modification of the Series B Preferred Stock on October 1, 2024, including repriced and newly issued penny warrants, and dividend amendments,
created an extinguishment on the Series B Preferred Stock in which the Company recorded a deemed dividend of approximately $1.7 million
which relates to the fair value consideration of the modified Series B Preferred Stock less the original carrying value for the year
ended December 31, 2024, excluding the consideration of the Preferred B dividend as discussed below.

Common
Stock

The
Company has one class of common stock, par value $0.001 per share. Each share of the Company’s common stock is entitled to one
vote on all matters submitted to stockholders. As of September 30, 2025 and December 31, 2024, there were 64,051,790 and 10,607,020 shares
of common stock outstanding, respectively.

Dividends

Pursuant
to the Certificate of Designations, Preferences and Rights of 9.0% Series A Cumulative Perpetual Preferred Stock of the Company, dividends,
when, as and if declared by the Board (or a duly authorized committee of the Board), will be payable monthly in arrears on the final
day of each month, beginning August 31, 2021. The Board of Directors had not declared any Series A Preferred Stock dividends beginning
October 2022 through September 30, 2025, as such the Company has accumulated approximately $18.5 million of dividends in arrears on the
Series A Preferred Stock through December 31, 2024, and an additional $2.8 million and $8.3 million of dividends in arrears for the three
and nine months ended September 30, 2025, for a total of approximately $26.9 million.

The
Company’s Series B Preferred Stock included a 10% accruing dividend compounded daily for 12 months from the original issue date
of July 20, 2022, and annually thereafter, that may be paid in cash or stock at the Company’s option at the earlier of (i) the
date the Series B Preferred Stock is converted, or (ii) the Series B Dividend Termination Date. On August 11, 2023, the Company paid
a mandatory dividend on its outstanding Series B Preferred Stock in