Company: SLNH
Filing Date: 2025-05-22
Form Type: S-1
Source: 0001641172-25-012098
Chunk: 29

Company: Soluna Holdings, Inc
Filing Date: 2025-05-22
Form: S-1
Chunk 29
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shares of common stock outstanding as of March 31, 2025 (13,508,045 shares of common stock outstanding on a pro forma basis after giving
effect to the Investor Shares), and excludes:

| ● | 2,645 shares of our common stock issuable upon the exercise of options outstanding at a weighted average 
 exercise price of $21.46 per share;                                                                      |

| ● | 206,880 shares of our common stock underlying restricted stock units; |

| ● | 1,250,000 shares of our common stock issuable upon conversion of our Series B Preferred Stock; |

| ● | 2,407,134 shares of our common stock issuable upon the exercise of outstanding warrants, including pre-funded 
 warrants, at a weighted average exercise price of $5.28 per share; and                                        |

| ● | 2,711,573 shares of our common stock reserved for issuance under our equity incentive plans. |

The information discussed above is illustrative
only and will adjust based on the actual public offering price, the actual number of shares and Common Warrants that we offer in this
offering, and other terms of this offering determined at pricing. Except as indicated otherwise, the discussion and table above each assume
(i) no sale of Pre-Funded Warrants, which, if sold, would reduce the number of shares of common stock that we are offering on a one-for-one
basis, (ii) no exercise of Common Warrants accompanying the shares of common stock sold in this offering, and (iii) no exercise of the
warrants to be issued to the placement agent or its designees in connection with this offering.

As of March 31, 2025, we had 4,953,545 shares
of our Series A Preferred Stock issued and outstanding and 62,500 shares of our Series B Preferred Stock issued and outstanding.

| 12 |

<div align='center'>DESCRIPTION OF SECURITIES WE ARE OFFERING</div>

The following summary of the rights of the securities we are offering is not complete and is subject to and qualified in its entirety by reference to our Articles of Incorporation, as amended (the “Articles of Incorporation”) and our Bylaws (the “Bylaws”), copies of which are filed as exhibits to the registration statement of which this prospectus forms a part.

We are offering shares of our common stock, Series
A Warrants to purchase up to shares of common stock and Series
B Warrants to purchase up to shares of