Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 0

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 0
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Filed Pursuant to Rule 424(b)(3)

Registration No. 333-282559

PROSPECTUS

<div align='center'>Up to 1,935,770 Shares of Common Stock</div>

This prospectus relates to the offer and resale, from
time to time, by the selling holders identified in this prospectus (the “Selling Holders”), or their permitted transferees,
of up to 1,935,770 shares of common stock, par value $0.001 (“Common Stock”), of Soluna Holdings, Inc., a Nevada corporation
(the “Company,” “We,” or “Us”). These shares of Common Stock consist of:

| ● | 1,487,128 shares of Common Stock that we may, at our discretion, elect to issue and sell to YA II PN, Ltd. (the “Investor”) from time to time after the date of this prospectus, pursuant to the Standby Equity Purchase Agreement, dated as of August 12, 2024, entered into by and between the Company and the Investor (the “SEPA”); |
| ● | 140,000 shares of Common Stock issuable upon the exercise of the warrants (the “Warrants”) issued to Chuntao Zhou (the “Series B Holder”), the holder of our Series B Convertible Preferred Stock, par value $0.001 per share (the “Series B Preferred Stock”); and                                                                     |
| ● | 308,642 shares of Common Stock (the “Release Shares”) issued to the two other Selling Holders pursuant to the Release Agreement (as defined below).                                                                                                                                                                                     |

Pursuant to the terms of the SEPA, the Company
agreed to issue and sell to the Investor, from time to time, and the Investor agreed to purchase from the Company, up to $25 million
of the Company’s shares of Common Stock. As of April 18, 2025, we have issued and sold 1,512,872 shares of our Common Stock
to the Investor pursuant to the SEPA.

The Warrants were issued to the Series B Holder
on October 1, 2024, pursuant to the waiver it granted the Company in connection with the SEPA. The Warrants have an exercise price of
$0.01 and expire on February 5, 2030.

On October 1, 2024, the Company and Univest Securities,
LLC (“Univest”) entered into a General Release