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

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 25
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 the actual sales of shares or the mere existence of the SEPA may make it more difficult for the Company
to sell equity or equity-related securities in the future at a time and at a price that it might otherwise wish to affect such sales.

Because the price at which the shares may be issued
to the Investor will fluctuate based on the market prices of the Common Stock, as of the date of this prospectus it is not possible for
the Company to predict the number of shares of its Common Stock that will be issued to the Investor under the SEPA or the actual purchase
price at which such shares are issued to the Investor.

The issuance of shares of the Company’s Common
Stock to the Investor pursuant to the SEPA will not affect the rights or privileges of existing stockholders, except that the economic
and voting interests of each of the existing stockholders will be diluted. Although the number of shares of Common Stock that existing
stockholders own will not decrease, the shares of Common Stock owned by existing stockholders will represent a smaller percentage of the
total outstanding shares of Common Stock after any such issuance.

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The offer and sale of the shares to the Investor pursuant
to the SEPA is and will be made in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act and/or
Rule 506(b) of Regulation D promulgated thereunder.

This summary of the material provisions of the SEPA
does not purport to be a complete statement of the respective terms and conditions of such agreements. A copy of the SEPA is filed as
an exhibit to the Registration Statement which relates to this Prospectus.

Transactions with Convertible Noteholders and the Series B Holder in connection with the SEPA

Access to the SEPA was subject to a number of conditions
precedent including various consents from the Company’s outstanding convertible noteholders (the “Noteholders”) and
the Series B Holder. The Company has entered into the following transactions on October 1, 2024, with the Noteholders and the Series B
Holder as described below, satisfying the conditions precedent related to third parties to access the SEPA.

Agreements with Convertible Noteholders

The Company entered into a Consent, Waiver, and Mutual
Release Agreement (the “Master Consent”) with the Noteholders that are parties to a Securities Purchase Agreement, dated October
25, 2021, as amended (the “SPA”), pursuant to which, among other things, the