Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 181

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 181
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00 liquidation preference per share of Series A Preferred Stock plus the amount of any accumulated
and unpaid dividends divided by the closing price of the common stock on ten consecutive trading days preceding a delisting event, or
(b) the share cap of 0.2817.

Series
B Preferred Stock

On
July 19, 2022, the Company entered into a Securities Purchase Agreement (the “Series B SPA”) with an accredited investor
(the “Series B Investor”) pursuant to which the Company sold to the Series B Investor 62,500 shares of Series B Preferred
Stock, for a purchase price of $5,000,000. The shares of Series B Preferred Stock are initially convertible, subject to certain conditions,
into 46,211 shares of common stock, at a price per share of $135.25 per share, a 20% premium to the closing price of the common stock
on July 18, 2022, subject to adjustment as set forth in the Certificate of Designations of Preferences, Rights and Limitations for the
Series B Preferred Stock (“Series B Certificate of Designations”). On October 1, 2024, the Company agreed, as a condition
of a waiver of the Series B Investor’s’ right of first refusal and participation rights in connection with the SEPA, to reduce
the conversion price to $5.00 upon stockholder approval, which was obtained on November 15, 2024.

In
addition, in 2022, the Company issued to the Series B Investor 60,000 common stock purchase warrants (the “Series B Warrants”)
to purchase up to an aggregate of shares of common stock. In connection with the above referenced waiver, the exercise price of these
warrants was reduced to $0.01 per share and an additional 140,000 warrants exercisable for $0.01 per share were issued. The Series B
Investor exercised the 60,000 Series B Warrants on April 22, 2025 through a cashless warrant exercise resulting in the issuance of 59,131
shares of common stock.

    25

Effective
from October 1, 2024, the sale of common stock as a result of conversion of Series B Preferred Stock and exercise of the new 140,000
warrants is subject to a 12-month lockup, followed by a 12 month leak out where the holder may not sell shares during the lockup period
and may sell up to