Company: SLNH
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001493152-25-026274
Chunk: 10

Company: Soluna Holdings, Inc
Filing Date: 2025-12-05
Form: 424B5
Chunk 10
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 common stock underlying restricted stock units;                                                                       |
| ● | 1,250,000                                                                                                                           
 shares of our common stock issuable upon conversion of our Series B Convertible Preferred Stock, par value $0.001 per share (the    
 “Series B Preferred Stock”); and                                                                                                    |
| ● | 3,466,739                                                                                                                           
 shares of our common stock issuable upon the exercise of outstanding warrants, including pre-funded warrants, at a weighted average 
 exercise price of $3.27 per share.                                                                                                  |

As of December 3, 2025, we had 4,928,545 shares of our 9.0% Series A Cumulative Perpetual Preferred Stock issued and outstanding (the “Series A Preferred Stock”) and 62,500 shares of our Series B Preferred Stock issued and outstanding.

| S-5 |

<div align='center'>RISK FACTORS</div>

Before purchasing any of the securities you should carefully consider the risk factors set forth below and incorporated by reference in this prospectus supplement from our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and any subsequent updates described in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as well as the risks, uncertainties and additional information set forth in our SEC reports on Forms 10-K, 10-Q, and 8-K and in the other documents incorporated by reference in this prospectus supplement. For a description of these reports and documents, and information about where you can find them, see “Additional Information” and “Incorporation of Certain Information By Reference.” Additional risks not presently known or that we presently consider to be immaterial could subsequently materially and adversely affect our financial condition, results of operations, business, and prospects.

Purchasers in this offering will experience immediate dilution in the book value of their investment.

The offering price of our common stock is higher than the net tangible book value per share of our common stock before giving effect to this offering. Accordingly, if you purchase our common stock in this offering you will incur immediate dilution in the book value of the shares of common stock you purchase. See the section entitled “Dilution” below for a detailed illustration of the dilution you would incur if you participate in this offering.

We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.

Our management will have broad discretion in the application of the net proceeds, including