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

Company: Soluna Holdings, Inc
Filing Date: 2025-05-22
Form: S-1
Chunk 22
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 whether the net proceeds are being used appropriately. The failure by our management to
apply these funds effectively could result in financial losses that could have a material adverse effect on our business, cause the price
of our securities to decline and delay the development of our product candidates. Pending the application of these funds, we may invest
the net proceeds from this offering in a manner that does not produce income or that loses value.

You will experience immediate and substantial dilution in the net tangible book value of the shares you purchase in this offering and may experience additional dilution in the future.

The combined public offering price per share of
common stock and related Common Warrants, and the combined public offering price of each Pre-Funded Warrant and related Common Warrants,
will be substantially higher than the pro forma as adjusted net tangible book value per share of our common stock after giving effect
to this offering.

Assuming the sale of shares of our common stock,
Series A Warrants to purchase up to shares of common stock and Series B Warrants
to purchase up to shares of common stock, at an assumed combined public offering
price of $ per share and related Common Warrants, the closing sale price per share
of our common stock on Nasdaq on , 2025, assuming no sale of any Pre-Funded Warrants
in this offering, no exercise of the Common Warrants being offered in this offering and after deducting the placement agent fees and commissions
and estimated offering expenses payable by us, you will incur immediate dilution of approximately $ per
share. As a result of the dilution in net tangible book value to investors purchasing securities in this offering, investors may receive
significantly less than the purchase price paid in this offering, if anything, in the event of the liquidation of our company. See the
section titled “Dilution” below for a more detailed discussion of the dilution you will incur if you participate in this offering.
To the extent shares are issued under outstanding options and warrants at exercise prices lower than the public offering price of our
common stock in this offering, including the shares underlying the Pre-Funded Warrants, holders will incur further dilution.

There is no public market for the Common Warrants or Pre-Funded Warrants being offered by us in this offering.

There is no established public trading market
for the Common Warrants or the Pre-Funded Warrants, and we do not expect a market to develop. In addition, we do not intend to apply to
list the Common W