Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 194

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 194
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 being met, as such as of the date of these condensed financial statements, a total of 41,580 Merger Shares remains available
for possible issuance through October 29, 2026.

Several
of HEL’s equity holders are affiliated with Brookstone Partners, the investment firm that previously held an equity interest in
the Company through Brookstone Partners Acquisition XXIV, LLC. The Company’s two Brookstone-affiliated directors also serve as
directors and, in one case, as an officer, of HEL and also have ownership interest in HEL. In light of these relationships, the various
transactions by and between the Company and SCI, on the one hand, and HEL, on the other hand, were negotiated on behalf of the Company
and SCI via an independent investment committee of the Board and separate legal representation. The transactions were subsequently unanimously
approved by both the independent investment committee and the full Board.

Four
of the Company’s directors have various affiliations with HEL.

Michael
Toporek, the former Chief Executive Officer, and current Executive Chairman of the Board, owns (i) 90% of the equity of Soluna Technologies
Investment I, LLC, which owns 57.9% of HEL and (ii) 100% of the equity of MJT Park Investors, Inc., which owns 3.1% of HEL, in each case,
on a fully diluted basis. Mr. Toporek does not own directly, or indirectly, any equity interest in Tera Joule, LLC, which owns 9.2% of
HEL; however, as a result of his 100% ownership of Brookstone IAC, Inc., which is the manager of Tera Joule, LLC, he has dispositive
power over the equity interests that Tera Joule owns in HEL.

In
addition, one of the Company’s directors, Matthew E. Lipman, serves as a director and is currently acting as President of HEL.
Mr. Lipman does not directly own any equity interest in Tera Joule, LLC, which owns 9.2% of HEL; however, as a result of his position
as a director and officer of Brookstone IAC, Inc., which is the manager of Tera Joule, LLC, he has dispositive power over the equity
interests that Tera Joule owns in HEL. As a result, the approximate dollar value of the amount of Mr. Toporek’s and Mr. Lipman’s
interest in