Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 86

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 86
---
-  
    $8,474 
  
    NYDIG Financing 
     9,183  
     9,183 
  
    Navitas Term Loan 
     137  
     1,681 
  
    CloudCo Secured Loan 
     10,983  
     - 
  
    CloudCo Additional Secured Loan 
     1,202  
     - 
  
    Total Debt 
    $21,505  
    $19,338 

On
June 20, 2024, pursuant to the terms and subject to the conditions of the June SPA by and among (i) CloudCo, (ii) Soluna Cloud,
(iii) the Company and (iv) the Investor, CloudCo issued to the Investor a secured promissory note in a principal amount equal to
$12.5 million (the “Soluna CloudCo Secured Note”). The Soluna CloudCo Secured Note accrues interest at a rate 9.0% per
annum, subject to adjustment upon an event of default. The Soluna CloudCo Secured Note matures on June 20, 2027. On July 12, 2024,
the Company, CloudCo, Soluna Cloud, and the Existing Investor entered into a First Amendment to the Note Purchase Agreement.
Additional Notes were issued for $1,250,000 (“Soluna CloudCo Additional Secured Note”) on July 12, 2024 and are subject
to the same terms and conditions as the June SPA financing. On October 1, 2024, CloudCo, Soluna Cloud and the Company entered into
assignment and assumption agreements (the “Assignment Agreements”) with the Additional Investors with respect to an
aggregate of $1.25 million of notes issued by CloudCo. Pursuant to the Assignment Agreements, the Company will be able to purchase
such notes for a purchase price of $750 thousand, or 60% of face value. The assignment and assumption will be effective once all
conditions of the agreement are met including fulfilling the purchase price. As of December 31, 2024, the Company has an outstanding
principal balance of approximately $13.0 million in relation to the Soluna CloudCo Secured Note and Soluna CloudCo Additional
Secured Note.

56

On
January 14, 2022, the Company effected an initial drawdown under the Master Equipment Finance Agreement (“MEFA”) with NYDIG