Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 328

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 328
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ized debt issuance costs of approximately $2.6 million as of September 30, 2025.

    September
    30, 2025  
    December
    31, 2024 
  
    (Dollars in thousands) 

    Galaxy loan 
    $4,392  
    $- 
  
    NYDIG Equipment Financing 
     -  
     9,183 
  
    Equipment loan 
     -  
     - 
  
    Navitas Term Loan 
     -  
     137 
  
    Generate loan 
     10,785  
     - 
  
    Green Cloud Secured Note 
     8,076  
     10,983 
  
    CloudCo Additional Secured
    Loan 
     -  
     1,202 
  
    Total
    Debt 
    $23,253  
    $21,505 

64

On
June 20, 2024, pursuant to the terms and subject to the conditions of the June SPA by and among (i) CloudCo, (ii) Soluna Cloud, (iii)
the Company and (iv) the Investor, CloudCo issued to the Investor a secured promissory note in a principal amount equal to $12.5 million
(the “Green Cloud Secured Note”). The Green Cloud Secured Note accrues interest at a rate 9.0% per annum, subject to adjustment
upon an event of default. The Green Cloud Secured Note matures on June 20, 2027. On July 12, 2024, the Company, CloudCo, Soluna Cloud,
and the Existing Investor entered into a First Amendment to the Note Purchase Agreement. Additional Notes were issued for $1.25 million
(“Soluna CloudCo Additional Secured Note”) on July 12, 2024 and are subject to the same terms and conditions as the June
SPA financing. On October 1, 2024, CloudCo, Soluna Cloud and the Company entered into assignment and assumption agreements (the “Assignment
Agreements”) with the Additional Investors with respect to an aggregate of $1.25 million of notes issued by CloudCo. Pursuant to
the Assignment Agreements, the Company will be able to purchase such notes for a purchase price of $750 thousand, or 60% of face value.
The assignment and assumption will be effective once all conditions of the agreement are