Company: SLNH
Filing Date: 2025-06-16
Form Type: S-1/A
Source: 0001641172-25-015179
Chunk: 6

Company: Soluna Holdings, Inc
Filing Date: 2025-06-16
Form: S-1/A
Chunk 6
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 sale of these placement agent warrants and the shares of common stock issuable upon exercise of these placement agent warrants. For a description of compensation to be received by the placement agent, see “Plan of Distribution” for more information. |
| (2) | Because there is no minimum number of securities or amount of proceeds required as a condition to closing in this offering, the actual public offering amount, placement agent fees, and proceeds to us, if any, are not presently determinable and may be substantially less than the total maximum offering amounts set forth above. For more information, see “Plan of Distribution.”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

The delivery of the shares of common stock and
any Pre-Funded Warrants and Common Warrants to purchasers is expected to be made on or about , 2025, subject to satisfaction
of customary closing conditions.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

<div align='center'>H.C. Wainwright & Co.

The date of this prospectus is , 2025.

TABLE OF CONTENTS</div>

|                                                       |     | Page |
| ABOUT THIS PROSPECTUS                                 |     |   ii |
| CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS |     |  iii |
| PROSPECTUS SUMMARY                                    |     |    1 |
| THE OFFERING                                          |     |    7 |
| RISK FACTORS                                          |     |    9 |
| USE OF PROCEEDS                                       |     |   11 |
| DESCRIPTION OF SECURITIES WE ARE OFFERING             |     |   12 |
| PLAN OF DISTRIBUTION                                  |     |   17 |
| INFORMATION INCORPORATED BY REFERENCE                 |     |   21 |
| WHERE YOU CAN FIND MORE INFORMATION                   |     |   22 |
| LEGAL MATTERS                                         |     |   22 |
| EXPERTS                                               |     |   22 |

<div align='center'>i

ABOUT THIS PROSPECTUS</div>

We incorporate by reference important information
into this prospectus. You may obtain the information incorporated by reference without charge by following the instructions under “Where
You Can Find More Information.” You should carefully read this prospectus as well as additional information described under “Information
Incorporated by Reference,” before deciding to invest in our