Company: SLNH
Filing Date: 2025-02-03
Form Type: S-1/A
Source: 0001493152-25-004555
Chunk: 10

Company: Soluna Holdings, Inc
Filing Date: 2025-02-03
Form: S-1/A
Chunk 10
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 wind farm in Texas. The Company has signed Term Sheets for both power and land purchase agreements.

Assignment and Assumption Agreements

CloudCo, Soluna Cloud and the Company entered into assignment and assumption agreements (the “Assignment Agreements”) on October 1, 2024 with one of the Purchasers (as defined below) and two other parties introduced by that Purchaser, with respect to an aggregate of $1.25 million of notes issued by CloudCo. Pursuant to the Assignment Agreements, the Company purchased such notes for a purchase price of $750,000, or 60% of their face value.

Special Meeting of Stockholders

At the special meeting of stockholders of the Company held on November 15, 2024, the Company’s stockholders approved (i) the issuance to the Investor, pursuant to the SEPA, of shares of Common Stock that exceed 19.99% of the shares of Common Stock outstanding immediately prior to the execution of the SEPA and (ii) an amendment (the “Amendment”) to the Soluna Holdings, Inc. Fourth Amended and Restated 2021 Stock Incentive Plan (the “Plan”). Prior to the Amendment, under the Plan, the number of shares of Common Stock available for awards was limited to 18.75% of the number of shares of Common Stock outstanding as of the first trading day of each quarter. The Amendment changed this limitation to 22.75% from the first quarter of our fiscal year ending December 31, 2025 through the second quarter of our fiscal year ending December 31, 2027. Pursuant to the Amendment, effective at the end of the second quarter of our fiscal year ending December 31, 2027, the percentage will revert to 18.75% of the number of shares of Common Stock outstanding as of the first trading day of each quarter.

Convertible Notes Conversion

On December 12, 2024, the Company entered into an agreement with Alpha Capital Anstalt, 3i, LP, and Supereight Capital Holdings Ltd. (the “Note Holders”) pursuant to which the Note Holders elected to immediately convert all of the outstanding principal and accrued interest of certain convertible notes (the “Convertible Notes”) into shares of Common Stock. The agreement satisfied the full outstanding debt owed to the Note Holders under the Convertible Notes. Following the conversion, 335,661 shares of Common Stock were issued to the Note Holders in accordance with the terms