Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 4

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 4
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2025, the last reported sale price of our Common Stock
and our Series A Preferred Stock on Nasdaq was $0.62 and $4.60, respectively.

You should read this prospectus, together with additional
information described under the heading “Where You Can Find More Information,” carefully before you invest in any of
our securities.

An investment in our securities involves a high degree of risk. Before deciding whether to invest in our securities, you should consider carefully the risks and uncertainties described in the section captioned “Risk Factors” beginning on page 14 of this prospectus and contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission, or the SEC, on March 31, 2025 and our other filings we make with the SEC from time to time, which are incorporated by reference herein in their entirety, together with other information in this prospectus and the information incorporated by reference herein.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

<div align='center'>The date of this prospectus is April 25, 2025.</div>

<div align='center'>TABLE OF CONTENTS</div>

| PROSPECTUS SUMMARY                                   |  1 |
| THE OFFERING                                         |  8 |
| THE STANDBY EQUITY PURCHASE AGREEMENT                |  9 |
| RISK FACTORS                                         | 14 |
| CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS | 15 |
| SELLING HOLDERS                                      | 16 |
| USE OF PROCEEDS                                      | 18 |
| PLAN OF DISTRIBUTION                                 | 19 |
| DESCRIPTION OF CAPITAL STOCK                         | 21 |
| LEGAL MATTERS                                        | 29 |
| EXPERTS                                              | 30 |
| WHERE YOU CAN FIND MORE INFORMATION                  | 31 |
| INCORPORATION OF CERTAIN INFORMATION BY REFERENCE    | 32 |

| i |

<div align='center'>ABOUT THIS PROSPECTUS</div>

This prospectus forms part of a registration statement
that we filed with the SEC, and that includes exhibits that provide more detail of the matters discussed in this prospectus. You should
read this prospectus and the related exhibits filed with the SEC, together with the additional information described under the headings
“Where You Can Find More