Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 3

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 3
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 value $0.001 per share (the “Series B Preferred Stock”); and                                                                     |
| ● | 308,642 shares of Common Stock (the “Release Shares”) issued to the two other Selling Holders pursuant to the Release Agreement (as defined below).                                                                                                                                                                                     |

Pursuant to the terms of the SEPA, the Company
agreed to issue and sell to the Investor, from time to time, and the Investor agreed to purchase from the Company, up to $25 million
of the Company’s shares of Common Stock. As of April 18, 2025, we have issued and sold 1,512,872 shares of our Common Stock
to the Investor pursuant to the SEPA.

The Warrants were issued to the Series B Holder
on October 1, 2024, pursuant to the waiver it granted the Company in connection with the SEPA. The Warrants have an exercise price of
$0.01 and expire on February 5, 2030.

On October 1, 2024, the Company and Univest Securities,
LLC (“Univest”) entered into a General Release Agreement (the “Release Agreement”) whereby the parties agreed
to terminate all prior agreements with respect to investment banking and placement agency services offered by Univest to the Company.
Under the Release Agreement, the Company agreed to issue Univest $1,000,000 of shares of Common Stock and to include such shares in the
Company’s next registration statement. The number of shares issued was calculated based on the five-day volume weighted average
price (“VWAP”) ending October 1, 2024. The Release Shares were issued in a private placement exempt from registration pursuant
to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). Pursuant to the Release Agreement, the
shares were issued to settle all financial matters between the Company and Univest, including any payment obligations that the Company
had towards Univest in connection with the services that Univest provided, in exchange for a mutual release. Also under the Release Agreement,
Univest agreed, during the period commencing on the day such registration statement is declared effective by the SEC and continuing until
the earlier of (x) the date of termination of such period as elected by the Company and (y) the three month anniversary thereof (such
period, the “Leak-Out Period”) to not sell such shares in excess of 1/3