Company: SLNH
Filing Date: 2025-06-16
Form Type: S-1/A
Source: 0001641172-25-015179
Chunk: 45

Company: Soluna Holdings, Inc
Filing Date: 2025-06-16
Form: S-1/A
Chunk 45
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 incorporated herein by reference in reliance
on the report of such firm given upon their authority as experts in accounting and auditing.

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<div align='center'>Up to 7,754,342 Shares of Common Stock

Pre-Funded Warrants to Purchase up to 7,754,342 Shares of Common Stock

Series A Warrants to Purchase up to 7,754,342 Shares of Common Stock

Series B Warrants to Purchase up to 7,754,342 Shares of Common Stock

Placement Agent Warrants to Purchase up to 387,717 Shares of Common Stock

Up to 23,650,743 Shares of Common Stock underlying Pre-Funded Warrants, Series A Warrants, Series B Warrants and Placement Agent Warrants

PRELIMINARY PROSPECTUS

H.C. Wainwright & Co.

The date of this prospectus is ,
2025.

PART II

INFORMATION NOT REQUIRED IN PROSPECTUS</div>

Item 13. Other Expenses of Issuance and Distribution.

The following table sets forth the costs and expenses,
other than placement agent fees and commissions, payable by us in connection with the sale and distribution of the securities being registered.
All of the amounts shown are estimates, except for the SEC registration fee and the FINRA filing fee:

|                              |     | Amount     
 to be paid |          |
|:-----------------------------|:----|:-----------|---------:|
| SEC registration fee         |     | $          | 2,334.77 |
| FINRA filing fee             |     |            | 2,796.88 |
| Legal fees and expenses      |     |            |  200,000 |
| Accounting fees and expenses |     | $          |    8,000 |
| Miscellaneous                |     |            | 4,868.35 |
| Total expenses               |     |            |  218,000 |

Item 14. Indemnification of Directors and Officers.

NRS 78.138 provides that, unless the corporation’s
articles of incorporation provide for greater individual liability, a director or officer is not individually liable to the corporation
or its stockholders or creditors for any damages as a result of any act or failure to act in his or her capacity as a director or officer
unless the statutory presumption that such director or officer has acted in good faith, on an informed basis and with a view to the interests
of the corporation has been rebutted, and it is proven that