Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 5

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 5
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 of 75 million shares of Common Stock, and we had an aggregate of 12,508,045 shares of Common
Stock outstanding. Assuming a (i) Market Price of $0.62 and, (ii) no beneficial ownership limitations, we may issue up to 38,633,651
shares of Common Stock under Pricing Option 1 and up to 38,235,366 shares of Common Stock under Pricing Option 2, which would
reflect approximately 309% and 306%, respectively, of the outstanding shares of our Common Stock as of the date hereof
after giving effect to such issuances. This does not include consent fees to be paid to the Series B Holder in cash in connection with
advances under the SEPA.

We may not have access to the full $25 million amount
available under the SEPA due to the reasons noted above. Please see “The Standby Equity Purchase Agreement” for more
information regarding the SEPA. This prospectus only covers 1,487,128 shares that may be issued under the SEPA.

The shares of Common Stock that may be sold by the
Selling Holders and the shares of Common Stock that may be issued by us are collectively referred to in this prospectus as the “Offered
Securities.” We will not receive any of the proceeds from the sale by the Selling Holders of the Offered Securities.

We will bear all costs, expenses and fees in connection
with the registration of Offered Securities. The Selling Holders will bear all commissions and discounts, if any, attributable to their
respective sales of Offered Securities. We are registering certain shares of our Common Stock for sale by the Selling Holders pursuant
to various registration rights agreements with the Selling Holders. See the section of this prospectus entitled “Selling Holders”
for more information.

The Investor is an “underwriter” within
the meaning of Section 2(a)(11) of the Securities Act and any profits on the sales of shares of our Common Stock by the Investor and any
discounts, commissions, or concessions received by the Investor are deemed to be underwriting discounts and commissions under the Securities
Act.

The Selling Holders may offer and sell the securities
covered by this prospectus from time to time. The Selling Holders may offer and sell the securities covered by this prospectus in a number
of different ways and at varying prices. If any underwriters, dealers or agents are involved in the sale of any of the