Company: SLNH
Filing Date: 2025-02-03
Form Type: S-1/A
Source: 0001493152-25-004555
Chunk: 25

Company: Soluna Holdings, Inc
Filing Date: 2025-02-03
Form: S-1/A
Chunk 25
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 related to acquired technology and its integration into the existing businesses;                                                      |
| ● | negative impact to our                                                                                                                
 results of operations because of the depreciation and amortization of amounts related to acquired intangible assets, fixed assets     
 and deferred compensation, and the loss of acquired deferred revenue and unbilled deferred revenue;                                   |
| ● | loss of key employees                                                                                                                 
 or customers of acquired companies;                                                                                                   |
| ● | potential disruption                                                                                                                  
 of our business or the acquired business;                                                                                             |
| ● | inability to accurately                                                                                                               
 forecast the performance of recently acquired businesses, resulting in unforeseen adverse effects on our operating results;           |
| ● | the tax effects of any                                                                                                                
 acquisitions; and                                                                                                                     |
| ● | adverse accounting impact                                                                                                             
 to our results of operations.                                                                                                         |

| 11 |

Our failure to successfully manage our strategic relationships with Spring Lane and Navitas, or other future acquisitions, strategic alliances or partnerships, could seriously harm our operating results. In addition, our stockholders would be diluted if we finance the future acquisitions, strategic alliances or partnerships by incurring convertible debt or issuing equity securities.

We cannot offer any assurance that we will be able to identify, complete or successfully integrate any suitable acquisitions or suitable alliances. Even if successfully negotiated and closed, any acquisitions or alliances may not yield expected synergies, may not advance our business strategy as expected, may fall short of expected return-on-investment targets, or may otherwise fail to achieve their objectives or perform as contemplated and not prove successful. Companies that we acquire may operate with different cost and margin structures, which could further cause fluctuations in our operating results and adversely affect our business, financial condition and results of operations.

We have a Limited History in the Cloud Service and Artificial Intelligence Business.

We are implementing a strategy to move into the cloud service business to provide green energy to power-intensive artificial intelligence applications. This is a new business for the Company and no history of operations in this industry from which to evaluate our future operating performance in this segment. Our ability to implement this strategy is dependent upon successfully deploy new supercomputers in conjunction with our strategic partner and to attract and retain customers in a very competitive market.

Risks Related to our Cryptocurrency and Data Center Business

Our cryptocurrency business has a history of operating losses, is affected by the volatility of Bitcoin, and we may report additional operating losses in the future.

Our primary focus has been on the hosting and proprietary cryptocurrency mining business, and we have recorded historical losses and negative cash flow from