Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 26

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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, with the remainder recorded in Accrued liabilities. The remaining balance was paid after quarter-end, and no further obligations
remain as of the date of this filing.

See Note 10 — Commitments and Contingencies
for additional information regarding the NYDIG litigation matter.

    16

Green
Cloud secured note

Schedule of Secured Note Financing 

    (Dollars
    in thousands)
     
    Maturity
    Date
     
    Interest
    Rate

    January
                                            1, 2025-
    September
    30, 2025

    June
                                            20, 2024-
    December
    31, 2024

    Term
    Loan and capitalized interest (excludes debt issuance cost)
     
    June
    20, 2027

    9
    %
     
    $
    11,748

    $
    12,784

    Less:
    principal and capitalized interest payments

    (3,252
    )

    (1,036
    )
  
    Less:
    debt discount

    (126
    )

    (230
    )
  
    Less:
    debt issuance costs

    (294
    )

    (535
    )
  
    Total
    outstanding note

    8,076

    10,983

    (Less)
    Current note outstanding

    3,487

    3,922

    Long-term
    note outstanding

    $
    4,589

    $
    7,061

On
June 20, 2024, pursuant to the terms and subject to the conditions of a Note Purchase Agreement (the “June SPA”) by and among
(i) CloudCo, a Delaware limited liability company and indirect wholly owned subsidiary of the Company, (ii) Soluna Cloud, a Nevada corporation,
indirect wholly owned subsidiary of the Company, and parent of CloudCo, (iii) the Company and (iv) the accredited investor named therein
(the “Investor”, and collectively the “Note Parties”), CloudCo issued to the Investor a secured promissory note
in a principal amount equal to $12.5 million (the “Note” or “Green Cloud secured note”). The Note accrues interest
at a rate 9.0% per annum, subject to adjustment upon an event of default. The Note matures on June 20, 2027. CloudCo’s