Company: SLNH
Filing Date: 2025-05-22
Form Type: S-1
Source: 0001641172-25-012098
Chunk: 26

Company: Soluna Holdings, Inc
Filing Date: 2025-05-22
Form: S-1
Chunk 26
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 would take actions to restore our compliance with Nasdaq or another national exchange’s listing requirements, but we can provide
no assurance that any such action taken by us would allow our common stock to regain listing on Nasdaq, stabilize our market price, improve
the liquidity of our common stock, prevent our common stock from dropping below the minimum bid price requirement under the Nasdaq Rules,
or prevent future non-compliance with Nasdaq or another national securities exchange’s listing requirements.

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<div align='center'>USE OF PROCEEDS</div>

We estimate that the net proceeds from the offering
will be approximately $ million, assuming a combined public offering price per share of common stock and accompanying
Common Warrants of $ , the closing price per share of our common stock on Nasdaq on , 2025, after
deducting the placement agent fees and estimated offering expenses payable by us, assuming no sale of any fixed combinations of Pre-Funded
Warrants and Common Warrants offered hereunder and excluding the proceeds, if any, from the exercise of the Common Warrants issued in
this offering. If the Common Warrants are exercised in full for cash, the estimated net proceeds will increase to $
. However, because this is a best efforts offering and there is no minimum offering amount required as a condition to the closing of this
offering, the actual offering amount, the placement agent’s fees and net proceeds to us are not presently determinable and may be
substantially less than the maximum amounts set forth on the cover page of this prospectus. In addition, we may receive proceeds from
the exercise of the placement agent warrants, to the extent such placement agent warrants are exercised for cash, but we will not receive
any proceeds from any sale of the shares underlying the placement agent warrants.

We intend to use the net proceeds from the offering
for working capital, project-level equity, and general corporate purposes. These expected uses represent our intentions based upon our
current plans and business conditions, which could change in the future as our plans and business conditions evolve. Pursuant to Amendment
No. 1 to Securities Purchase Agreement, dated October 3, 2024, between the Company and the holder of our Series B Preferred Stock, we
are required to pay a consent fee equaling 10% of the gross proceeds from this offering to the holder of our Series B Preferred Stock.
The amounts and timing of these expenditures will depend on numerous factors, including the development of our current business initiatives.
We have