Company: SLNH
Filing Date: 2025-06-16
Form Type: S-1/A
Source: 0001641172-25-015179
Chunk: 50

Company: Soluna Holdings, Inc
Filing Date: 2025-06-16
Form: S-1/A
Chunk 50
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, we paid a mandatory dividend
on our outstanding Series B Preferred Stock in the amount of $657,223.64. Pursuant to a Dividend Payment Agreement, we and the holder
of the Series B Preferred Stock agreed to satisfy the payment of the dividend through the issuance of 44,000 shares of our common
stock and 70,300 pre-funded warrants. The issuance of the common stock and the pre-funded warrants was exempt from registration
under Section 4(a)(2) of the Securities Act.

On June 20, 2024, pursuant to the terms and subject
to the conditions of the June SPA by and among the Note Parties, CloudCo issued the Note to the Investor. As further inducement for the
June Investor to purchase the Note, Soluna Cloud issued to the Investor a warrant (the “June Warrant”) exercisable for a number
of shares of common stock of Soluna Cloud equal to the sum of (a) 12.5% of Soluna Cloud’s issued and outstanding common stock as
of the date of the June Warrant divided by 0.875, plus (b) 12.5% of each Qualified Issuance (as defined below) divided by 0.875. For purposes
of the June Warrant, “Qualified Issuance” means (y) each issuance of common stock of Soluna Cloud during the period commencing
on the day after the date of the June Warrant and ending on the earlier to occur of (i) the conclusion of up to an additional $112,500,000
of capital raised, whether in the form of debt, equity, mixed or otherwise, by Soluna Cloud and its subsidiaries and (ii) December 31,
2024 and (z) the number of shares of common stock of Soluna Cloud issuable upon the exercise or conversion of any convertible securities
of CloudCo issued during such period. The June Warrant was issued in a transaction exempt from the registration requirements of the Securities
Act by virtue of Section 4(a)(2) of the Securities Act and Regulation D promulgated under the Securities Act and exempt from registration
or qualification under applicable state securities laws.

On July 12, 2024, the Note Parties entered into
a First Amendment to Note Purchase Agreement (the “June SPA Amendment”), which amended the June SPA to permit CloudCo to
issue additional secured promissory notes in an aggregate principal amount equal to $1,250,000