Company: SLNH
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001493152-25-026274
Chunk: 0

Company: Soluna Holdings, Inc
Filing Date: 2025-12-05
Form: 424B5
Chunk 0
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Filed Pursuant to Rule 424(b)(5)

Registration Statement 333-286638

PROSPECTUS SUPPLEMENT

(to Prospectus dated April 29, 2025)

<div align='center'>5,929,944Shares of Common Stock

Pre-Funded Warrants to Purchase 12,149,200 Shares of Common Stock

Series C Warrants to Purchase 18,079,144 Shares of Common Stock

Placement Agent Warrants to Purchase 903,957 Shares of Common Stock

31,132,301Shares of Common Stock underlying the Pre-Funded Warrants, Series C Warrants and Placement Agent Warrants</div>

We are offering to certain investors 5,929,944 shares of our common stock, par value $0.001 per share (the “common stock”), together with Series C Warrants (the “Series C Warrants”) to purchase 18,079,144 shares of common stock at a combined offering price of $1.77 per share. The shares of common stock and Series C Warrants will be separately issued but must be purchased together in this offering. Each share of common stock is being sold together with one Series C Warrant to purchase one share of common stock. The Series C Warrants are immediately exercisable, will expire five years from the date of issuance and will have an exercise price of $1.65 per share.

We are also offering pre-funded warrants (“Pre-Funded
Warrants”) to purchase 12,149,200 shares of common stock to those purchasers whose purchase of shares of common stock in this offering
would result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at
the election of the purchaser, 9.99%) of our outstanding common stock following the consummation of this offering in lieu of the shares
of our common stock that would result in ownership in excess of 4.99% (or, at the election of the purchaser, 9.99%). Each Pre-Funded
Warrant will be exercisable for one share of common stock at an exercise price of $0.001 per share. Each Pre-Funded Warrant is being
issued together with the same Series C Warrant described above being issued with each share of common stock. The combined offering price
for each such Pre-Funded Warrant, together with the Series C Warrant, is $1.769, which is equal to the price per share of common stock