Company: SLNH
Filing Date: 2025-05-22
Form Type: S-1
Source: 0001641172-25-012098
Chunk: 23

Company: Soluna Holdings, Inc
Filing Date: 2025-05-22
Form: S-1
Chunk 23
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arrants or Pre-Funded Warrants on Nasdaq or any other national securities exchange or other nationally recognized trading
system. Without an active market, the liquidity of the Common Warrants and Pre-Funded Warrants will be limited.

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The Common Warrants and Pre-Funded Warrants are speculative in nature.

The Common Warrants and Pre-Funded Warrants offered
hereby do not confer any rights of share of common stock ownership on their holders, such as voting rights, but rather merely represent
the right to acquire shares of common stock at a fixed price. Specifically, commencing on the date of issuance or the date of Warrant
Stockholder Approval, as the case may be, holders of the Common Warrants may acquire the shares of common stock issuable upon exercise
of such warrants at an exercise price of $ per share of common stock, and holders of the
Pre-Funded Warrants may acquire the shares of common stock issuable upon exercise of such warrants at an exercise price of $0.001 per
share of common stock. Moreover, following this offering, the market value of the Common Warrants and Pre-Funded Warrants is uncertain
and there can be no assurance that the market value of the Common Warrants or Pre-Funded Warrants will equal or exceed their respective
public offering prices. There can be no assurance that the market price of the shares of common stock will ever equal or exceed the exercise
price of the Common Warrants or Pre-Funded Warrants, and consequently, whether it will ever be profitable for holders of Common Warrants
to exercise the Common Warrants or for holders of the Pre-Funded Warrants to exercise the Pre-Funded Warrants.

Holders of the Pre-Funded Warrants and the Common Warrants offered hereby will have no rights as common stockholders with respect to the shares our common stock underlying the warrants until such holders exercise their warrants and acquire our common stock, except as otherwise provided in the Pre-Funded Warrants and the Common Warrants.

Until holders of the Common Warrants and the Pre-Funded
Warrants acquire shares of our common stock upon exercise thereof, such holders will have no rights with respect to the shares of our
common stock underlying such warrants, except to the extent that holders of such Common Warrants and Pre-Funded Warrants will have certain
rights to participate in distributions or dividends paid on our common stock as set forth in the Common Warrants and the Pre-Funded Warrants.
Upon exercise of the Common W