Company: SLNH
Filing Date: 2025-05-22
Form Type: S-1
Source: 0001641172-25-012098
Chunk: 37

Company: Soluna Holdings, Inc
Filing Date: 2025-05-22
Form: S-1
Chunk 37
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in the amount of the Black-Scholes Value (as defined in the Common Warrants) of the remaining unexercised portion of the Common Warrants
on the date of the consummation of such fundamental transaction, concurrently with or within 30 days following the consummation of a fundamental
transaction.

However, in the event of a fundamental transaction
which is not in our control, including a fundamental transaction not approved by our board of directors, the holders of the Common Warrants
will only be entitled to receive from us or our successor entity, as of the date of consummation of such fundamental transaction the same
type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of the Common Warrant
that is being offered and paid to the holders of our common stock in connection with the fundamental transaction, whether that consideration
is in the form of cash, stock or any combination of cash and stock, or whether the holders of our common stock are given the choice to
receive alternative forms of consideration in connection with the fundamental transaction.

Transferability. Subject to applicable
laws, the Common Warrants may be transferred at the option of the holder upon surrender of the Common Warrants to us together with the
appropriate instruments of transfer.

Fractional Shares. No fractional shares
of common stock will be issued upon the exercise of the Common Warrants. Rather, the number of shares of common stock to be issued will,
at our election, either be rounded up to the nearest whole number or we will pay a cash adjustment in respect of such final fraction in
an amount equal to such fraction multiplied by the exercise price.

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Trading Market. There is no established
trading market for the Common Warrants, and we do not expect an active trading market to develop. We do not intend to apply to list the
Common Warrants on the Nasdaq or any other securities exchange or other trading market. Without a trading market, the liquidity of the
Common Warrants will be extremely limited.

Right as a Stockholder. Except as otherwise
provided in the Common Warrants or by virtue of the holder’s ownership of shares of our common stock, such holder of Common Warrants
does not have the rights or privileges of a holder of our common stock, including any voting rights, until such holder exercises such
holder’s Common Warrants.

Waivers and Amendments. No term of a Common
Warrant may be amended or waived without the