Company: SLNH
Filing Date: 2025-09-26
Form Type: S-3
Source: 0001493152-25-015742
Chunk: 11

Company: Soluna Holdings, Inc
Filing Date: 2025-09-26
Form: S-3
Chunk 11
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 before deciding whether to invest in our securities, you should consider carefully        
 the risks and uncertainties described in the section captioned “Risk Factors” contained in our Annual Report on                     
 Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 31, 2025, and other filings we make with the SEC  
 from time to time, which are incorporated by reference herein in their entirety, together with other information in this prospectus 
 and the information incorporated by reference herein.                                                                               |

When we refer to the Selling Securityholder in this prospectus, we are referring to the Selling Securityholder identified in this prospectus and, as applicable, its permitted transferees, or other successors-in-interest that may be identified in a supplement to this prospectus or, if required, a post-effective amendment to the registration statement of which this prospectus is a part.

The above discussion and table are based on 61,531,705 shares of our common stock outstanding as of September 24, 2025, and excludes:

| ● | 2,645                                                                                      
 shares of our common stock issuable upon the exercise of options outstanding at a weighted 
 average exercise price of $21.45 per share;                                                |
| ● | 199,190                                                                                    
 shares of our 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                    |
| ● | 8,446,527                                                                                  
 shares of our common stock issuable upon the exercise of outstanding warrants, including   
 pre-funded warrants, at a weighted average exercise price of $1.93 per share.              |

As of September 18, 2025, we had 4,928,545 shares of our 9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share (the “Series A Preferred Stock”), issued and outstanding, and 62,500 shares of our Series B Preferred Stock issued and outstanding.

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<div align='center'>PRIVATE PLACEMENT</div>

On September 12, 2025, the Borrowers, Agent and Lender entered into the Credit Agreement. The Credit Agreement provides for senior secured term loan commitments in an aggregate principal amount of up to $35.5 million, comprised of (i) Tr