Company: SLNH
Filing Date: 2025-06-16
Form Type: S-1/A
Source: 0001641172-25-015179
Chunk: 23

Company: Soluna Holdings, Inc
Filing Date: 2025-06-16
Form: S-1/A
Chunk 23
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 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 Warrants and the Pre-Funded Warrants, the holders will be entitled to exercise the rights of a common stockholder
only as to matters for which the record date occurs after the exercise date.

The Common Warrants are not exercisable until the Warrant Stockholder Approval; provided, however, that if the Pricing Conditions are met, the Common Warrants will be exercisable upon issuance.

The Common Warrants will have an exercise price
of $ per share and will be exercisable beginning on the effective date of the Warrant Stockholder Approval; ,
, that if the Pricing Conditions are met, the Initial Exercise Date of the Common Warrants shall be the date of issuance
thereof. The Series A Warrants will expire on