Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 145

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 145
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 will depend on a number of factors, including our ability to generate significant revenue, the market demand
for our services, management of working capital, and the continuation of normal payment terms.

Until
such time as we can generate substantial revenue, we expect to finance our working capital requirements through a combination of equity
offerings and debt financing. Debt financing and preferred equity financing, if available, may involve agreements that include covenants
limiting or restricting our ability to take specific actions, such as incurring additional debt, making acquisitions or capital expenditures,
or declaring dividends. If we are unable to raise additional funds through equity or debt financing or other sources when needed, we
may be required to scale back or curtail our operations or expansion efforts, including limiting our ability to expand our hosting and
cryptocurrency business to a larger-scale operation.

Other
financing activities include the following:

On
April 29, 2025, the Company entered into an At the Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright &
Co., LLC (“Wainwright”), as sales agent, pursuant to which the Company may offer and sell, from time to time, through Wainwright,
up to $87,650,000 from time to time through Wainwright. As of September 30, 2025, the Company has drawn approximately $23.0 million
in net proceeds pursuant to the ATM Agreement and has over $60 million available. Refer to Note 9 for details.

On August 12, 2024, the Company
entered into a Standby Equity Purchase Agreement (the “SEPA”) with YA II PN, LTD., a Cayman Islands exempt limited company
(“YA”). In accordance with the terms of the SEPA, YA has agreed to purchase up to $25 million in aggregate gross purchase
price of newly issued fully paid shares of the Company’s common stock from time to time subject to the limits and the conditions
of the SEPA. The Company drew on the SEPA in the first quarter and third quarter of 2025, and the proceeds were used to pay debt, invest
in data center projects, and for working capital and general corporate purposes. As of September 30, 2025, the Company has drawn approximately
$6.2 million on the SEPA. Refer to Note 9 for details.

On July 15, 2025, the Company
entered into a securities purchase agreement to which the Company received gross proceeds of