Company: SLNH
Filing Date: 2025-06-16
Form Type: S-1/A
Source: 0001641172-25-015179
Chunk: 38

Company: Soluna Holdings, Inc
Filing Date: 2025-06-16
Form: S-1/A
Chunk 38
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 us by virtue of the engagement letter. This is a best efforts offering and there is no minimum amount of proceeds that is a condition
to closing of this offering. Investors purchasing securities offered hereby will have the option to execute a securities purchase agreement
with us. In addition to rights and remedies available to all purchasers in this offering under federal securities and state law, the
purchasers which enter into a securities purchase agreement will also be able to bring claims of breach of contract against us. The placement
agent may engage one or more sub-agents or selected dealers in connection with the offering. The ability to pursue a claim for breach
of contract is material to larger purchasers in this offering as a means to enforce the following covenants uniquely available to them
under the securities purchase agreement: (i) a covenant to not enter into variable rate financings for a period of six (6) months
following the closing of the offering, subject to certain exceptions; and (ii) a covenant to not enter into any equity financings
for forty-five (45) days from closing of the offering, subject to certain exceptions.

| 17 |

The nature of the representations, warranties
and covenants in the securities purchase agreements will include:

| ● | standard and customary issuer representations and warranties on matters such as due organization, qualification, authorization, no conflict, no governmental filings required, currentness and accuracy of SEC filings, absence of litigation, labor or other compliance issues, environmental, intellectual property and title matters and compliance with various laws such as the Foreign Corrupt Practices Act; and |
| ● | covenants regarding matters such as registration of the offering of the warrant                                                                                                                                                                                                                                                                                                                                         
 shares, the filing of a Current Report on Form 8-K to disclose entering into these securities purchase agreements, the providing                                                                                                                                                                                                                                                                                        
 of material nonpublic information, use of proceeds, indemnification of purchasers, reservation and listing of common stock, and prohibitions                                                                                                                                                                                                                                                                            
 on subsequent equity sales for forty-five (45) days, subject to certain exceptions.                                                                                                                                                                                                                                                                                                                                     |

Delivery of the securities offered hereby is expected
to occur on or about , 2025, subject to satisfaction of certain customary closing conditions.

Fees and Expenses

The following table shows the per share and accompanying
Common Warrants, and per Pre-Funded Warrant and accompanying Common Warrants, and total placement agent fees we will pay in connection
with the sale of the securities in this offering.

| Per share and Common Warrants placement agent cash fees              |