Company: SLNH
Filing Date: 2025-10-27
Form Type: DEFA14A
Source: 0001493152-25-019749
Chunk: 8

Company: Soluna Holdings, Inc
Filing Date: 2025-10-27
Form: DEFA14A
Chunk 8
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. So, there’s likely still ~10M shares available to issue just to get to 75M. Is that correct? Why the need for additional authorization?

Our current shares outstanding are about 67 million, leaving
roughly 8 million available under our current authorization. Of those, about 7 million are already reserved to meet contractual
obligations — things like warrants, convertible preferred shares, and employee compensation.

That means we have just 1–2 million shares left that can
actually be issued.

To put that in perspective:

| ● | 1–2M shares at $3 per share = $3–6M of potential capital |

| ● | 1–2M shares at $10 per share = $10–20M of potential capital |

That’s simply not enough to fund the
next phase of Soluna’s growth.

Building out Bitcoin Hosting-ready projects costs between $500-600 thousand per MW, and
high-performance computing and AI-ready power projects cost between $8–10 million per megawatt. Our pipeline spans over 1GW of projects.

Even with the proposed increase in authorized shares, we’ll still
need to fund growth through a mix of capital sources — new equity, debt, and joint-venture partnerships.

The reason for this proposal is simple:

We need flexibility. Demand for renewable power and AI infrastructure is exploding right now, and Soluna
must move quickly to capture that opportunity.

By expanding our authorized shares, we can raise capital responsibly, maintain meaningful ownership in our projects, and create long-term value for our shareholders.