Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 24

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 24
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, any of their respective officers, or any entity managed or controlled by the Investor or its sole member will engage
in or effect, directly or indirectly, for its own account or for the account of any other of such persons or entities, any short sales
of the Common Stock or hedging transaction that establishes a net short position in the Common Stock during the term of the SEPA.

Prohibition on Dilutive Issuances and Similar Transactions

There are no restrictions on future financings, rights
of first refusal, participation rights, penalties or liquidated damages in the SEPA or Registration Rights Agreement, other than a prohibition
on repaying any loans to any executives or employees of the Company or payments in respect of any related party debt, and a prohibition
on effecting or entering into an agreement to effect an “equity line of credit” or other substantially similar continuous
offering with a third party, in which we may offer, issue or sell Common Stock or any securities exercisable, exchangeable or convertible
into Common Stock at a future determined price.

Effect of Sales of our Common Stock on our Stockholders

All shares that may be issued or sold by the Investor
set forth in this prospectus are expected to be freely tradable. The resale of a significant amount of shares by the Investor registered
in this offering at any given time, or the perception that these sales may occur, could cause the market price of our Common Stock to
decline and to be highly volatile.

If and when the Investor receives shares pursuant
to the terms of the SEPA, after the Investor has acquired such shares, the Investor may resell all, some or none of such shares at any
time or from time to time in its discretion and at different prices. As a result, stockholders who purchase shares of our Common Stock
from the Investor in this offering at different times will likely pay different prices for those shares of Common Stock, and so may experience
different levels of dilution and in some cases substantial dilution and different outcomes in their investment results. The stockholders
may experience a decline in the value of the shares of the Company’s Common Stock they purchase from the Investor in this offering
as a result of future issuances made by the Company to the Investor at prices lower than the prices such stockholders paid for their shares
in this offering. In addition, if the Company issues a substantial number of shares to the Investor under the SEPA, or if stockholders
expect that the Company will do so,