Company: SLNH
Filing Date: 2025-02-05
Form Type: 424B3
Source: 0001493152-25-005030
Chunk: 48

Company: Soluna Holdings, Inc
Filing Date: 2025-02-05
Form: 424B3
Chunk 48
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 equity investments and divestitures, addition or loss of significant customers 
 and contracts, capital expenditure commitments and litigation;                                                                      |
| ● | our                                                                                                                                 
 issuance of securities or debt, particularly if in connection with acquisition activities;                                          |
| ● | the                                                                                                                                 
 sale of a significant number of shares of our Common Stock by shareholders;                                                         |
| ● | recent                                                                                                                              
 changes in financial condition or results of operations, such as in earnings, revenues or other measure of company value;           |
| ● | general                                                                                                                             
 market and economic conditions; and                                                                                                 |
| ● | announcements                                                                                                                       
 of technological innovations or new product introductions by us or our competitors.                                                 |

Further, broad market and industry factors may have a material adverse effect on the market price of our securities regardless of our actual operating performance.

In addition, stock markets have experienced in the past and may in the future experience a high level of price and volume volatility, and the market prices of equity securities of many companies have experienced in the past and may in the future experience wide price fluctuations not necessarily related to the operating performance of such companies. These broad market fluctuations may adversely affect the market price of our securities.

Finally, our relatively small public float and daily trading volume have in the past caused, and may in the future result in, significant volatility in the price of our securities. As of December 31, 2024, we had approximately 7,646,277 shares of our Common Stock outstanding held by non-affiliates and 3,161,356 shares of our Series A Preferred Stock outstanding held by non-affiliates. Our daily trading volume for the year ended December 31, 2024, averaged approximately 238,987 shares of Common Stock and 12,516 shares of Series A Preferred Stock.

| 26 |

Because there has been limited precedent set for financial accounting of Bitcoin and other cryptocurrency assets, the determination that we have made for how to account for cryptocurrency assets transactions may be subject to change.

Because there has been limited precedent set for the financial accounting of cryptocurrencies and related revenue recognition and no official guidance has yet been provided by the FASB or the SEC, it is unclear how companies may in the future be required to account for cryptocurrency transactions and assets and related revenue recognition. A change in regulatory or financial accounting standards could result in the necessity to change our accounting methods and restate our financial statements. Such a restatement could adversely affect the accounting for our newly mined cryptocurrency rewards and more generally negatively impact our business, prospects