Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 123

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 123
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2025, David C. Michaels, a member of the Company’s Board of Directors,
was appointed as the Company’s interim Chief Financial Officer and Treasurer, effective August 21, 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.

July
2025 Public Offering

On
July 15, 2025, the Company entered into a securities purchase agreement with the purchasers signatory thereto, pursuant to which the
Company sold in a public offering (the “July 2025 Offering”) an aggregate of (i) 8,794,544 shares of common stock (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 five-year anniversary of the initial exercise date   and the Series B Warrants
will expire on the twenty-four-month anniversary of the initial exercise date.

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 W