Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 65

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 65
---
 (each a
“Share” and collectively, the “Shares”); (ii) pre-funded warrants (the “Pre-Funded Warrants”) to
purchase 296,365 shares of common stock; (iii) Series A warrants (the “Series A Warrants”) to purchase 9,090,909 shares of
common stock; and (iv) Series B warrants (the “Series B Warrants,” and together with the Series A Warrants, the “Common
Warrants”) to purchase 9,090,909 shares of common stock.

Each
Share or Pre-Funded Warrant was sold together with one Series A Warrant to purchase one Share and one Series B Warrant to purchase
one Share. The combined public offering price for each Share (or Pre-Funded Warrant) and accompanying Common Warrants was $0.55.
The Pre-Funded Warrants have an exercise price of $0.001
per share, are exercisable immediately upon issuance and will expire when exercised in full. Each Common Warrant has an exercise
price of $0.55
per share and is exercisable immediately upon issuance. The Series A Warrants will expire on the 5five-year
anniversary of the initial exercise date of July 17, 2025 and the Series B Warrants will expire on the 24twenty-four-month
anniversary of the initial exercise date of July 17, 2025.

The
net proceeds of the July 2025 Offering, after deducting the fees and expenses of the placement agent and other offering expenses payable
by the Company, but excluding the net proceeds, if any, from the exercise of the Common Warrants, is approximately $4.3
million. The July 2025 Offering closed on July 17, 2025.

Project
Kati Financing

On
July 22, 2025, the Company closed a $20 million round of financing from Spring Lane Capital for a 35 megawatt (MW) expansion of Project
Kati in Texas with Project Kati 1. The funds will be used for the construction of Project Kati 1 beginning in the third quarter of 2025.

Chief
Financial Officer Resignation and Appointment

On August 5, 2025, John Tunison, the Company’s Chief Financial Officer, notified the Company that, effective
August 21, 2025, he will resign from his position as Chief Financial Officer and Treasurer of the Company. In