Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 2823

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9B
Chunk 2823
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 12, 2024, pursuant to which the three remaining Note Holders elected to immediately convert all of the outstanding principal
of certain convertible notes into shares of the Company’s common stock. The agreement satisfied the full outstanding debt owed
to the remaining three Note Holders under the Convertible Notes. Following the conversion, 335,661 shares of common stock were issued
to the Note Holders in accordance with the terms of the Convertible Notes, as amended. The Company recorded a debt inducement conversion
expense of approximately $388 thousand within Other Expense, net on the Consolidated Financial Statements. No further amounts are owed
by the Company under the Convertible Notes as of December 31, 2024.

     F-25 

NYDIG
financing

 Schedule of Financing Debt

    (Dollars in thousands) 
    Maturity Dates 
    Interest Rate 
    January 1, 2024 - December 31, 2024  
    January 1, 2023 -  December 31, 2023 
  
    NYDIG Loans #1-11 
    April 25, 2023 thru January 25, 2027* 
    14% thru 16% 
    $9,183  
    $10,546 

    Less: repossession of collateralized assets 

     —  
     (1,363)
  
    Total outstanding debt 

    $9,183  
    $9,183 

    *
    Due
    to event of default- the entire NYDIG Financing became current, see note below.

On
December 30, 2021, Soluna MC Borrowing 2021-1 LLC (the “Borrower”), a subsidiary of Soluna MC, LLC, a subsidiary of Soluna Digital, a subsidiary
of the Company, entered
into a Master Equipment Finance Agreement (the “Master Agreement”) with NYDIG ABL LLC (“NYDIG”) as lender, servicer
and collateral agent (the “NYDIG facility”). The Master Agreement outlined the framework for a financing up to approximately
$14.4 million in aggregate equipment financing. Subsequently, the parties negotiated the specific terms of each equipment financing transaction
as well as the terms upon which the Noteholders would consent to the transactions contemplated by the Master Agreement.

On
January 14, 2022, the Borrower effected an initial drawdown under the Master Agreement in the