Company: SLNH
Filing Date: 2025-02-05
Form Type: 424B3
Source: 0001493152-25-005030
Chunk: 312

Company: Soluna Holdings, Inc
Filing Date: 2025-02-05
Form: 424B3
Chunk 312
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 22,188 |
| Total assets                           |                        | $ |    23,656 |     | $ |   27,718 |
| Current liabilities:                   |                        |   |           |     |   |          |
| Due to intercompany                    |                        | $ |     1,107 |     | $ |    1,259 |
| Accrued expense                        |                        |   |     1,359 |     |   |    2,213 |
| Operating lease liability              |                        |   |         7 |     |   |        7 |
| Current portion of debt                |                        |   |       291 |     |   |    1,682 |
| Total current liabilities              |                        |   |     2,764 |     |   |    5,161 |
| Operating lease liability              |                        |   |        78 |     |   |       83 |
| Total liabilities                      |                        | $ |     2,842 |     | $ |    5,244 |

| F-79 |

On July 22, 2024 (the “Effective Date”), Soluna Holdings, Inc. (the “Company”) closed financing for the Dorothy 2 project. This project involves Soluna Digital, Inc. (the “Developer”) and Soluna DVSL II ComputeCo, LLC (the “ComputeCo”), a special purpose vehicle initially owned solely by the Developer. They are collaborating on the development, design, procurement, and construction of a 48 MW modular data center (the “Project Dorothy 2”) in Briscoe County, TX. This facility, located in Silverton, Texas, is owned by ComputeCo and operated by Soluna US Services, LLC, and may engage in cryptocurrency, batch processing, and other non-crypto related activities. It is adjacent to two other Company modular data center projects at the same site.

Project Dorothy 2 is financed by Soluna2 SLC Fund II Project Holdco LLC, an investment vehicle of Spring Lane Capital (“SLC”) with a capital contribution of up to $ 29.98million, and the Developer, as the parent company of ComputeCo, with an initial capital contribution of up to $ 4.6million. As of the Effective Date, the Company and the Developer became co-owners of ComputeCo.

Project Dorothy 2 allows the Developer to invest in ComputeCo, with the total ownership of the Developer and its affiliates capped at