Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 31

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 31
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 the foreseeable
future. In addition, future drawdowns require pre-approval by KeyBank.

9. Stockholders’ Equity

Preferred
Stock

The
Company has two series of preferred stock outstanding: the Series A Preferred Stock, par
value $0.001 per share (the “Series A Preferred Stock”), with a $25.00 liquidation preference; and the Series
B Convertible Preferred Stock, par value $0.0001 per share (the “Series B Preferred Stock”). As of June 30, 2025 and
December 31, 2024, there were 4,953,545 shares of Series A Preferred Stock issued and outstanding, and as of June 30, 2025 and December
31, 2024, there was 62,500 shares of Series B Preferred Stock issued and outstanding.

Series
A Preferred Stock

The
Series A Preferred Stock is not convertible into or exchangeable into common stock of the Company, except upon the occurrence of a delisting
event or change of control. Per the Company’s Certificate of Designations, Preferences and Rights of 9.0% Series A Cumulative Perpetual
Preferred Stock (“Series A Certificate of Designations”), if there is an occurrence of delisting or change of control, the
holders of Series A Preferred Stock will have the right to convert the number of preferred A shares into a number of common shares by
the lesser of (a) the sum of the $25.00 liquidation preference per share of Series A Preferred Stock plus the amount of any accumulated
and unpaid dividends divided by the closing price of the common stock on ten consecutive trading days preceding a delisting event, or
(b) the share cap of 0.2817.

    22

Series
B Preferred Stock

On
July 19, 2022, the Company entered into a Securities Purchase Agreement (the “Series B SPA”) with an accredited investor
(the “Series B Investor”) pursuant to which the Company sold to the Series B Investor 62,500 shares of Series B Preferred
Stock, for a purchase price of $5,000,000. The shares of Series B Preferred Stock are initially convertible, subject to certain conditions,
into 46,211 shares of common stock, at a price per share of $135.25 per share, a 20% premium to the closing price of the common stock
on July 18, 2022, subject to adjustment as set forth in the Certificate