Company: SLNH
Filing Date: 2025-01-15
Form Type: S-1/A
Source: 0001493152-25-002391
Chunk: 210

Company: Soluna Holdings, Inc
Filing Date: 2025-01-15
Form: S-1/A
Chunk 210
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 7 |     |   |          243 |
| Construction fees                                  |                        |   |            - |     |   |          590 |
| Membership distribution accrual                    |                        |   |          517 |     |   |            - |
| Other                                              |                        |   |           88 |     |   |           30 |
| Total                                              |                        | $ |        4,906 |     | $ |        2,721 |

| F-26 |

9. Debt

Debt consists of the following:

Convertible Notes Payable

Schedule of Debt

(Dollars in thousands):

| Convertible Note                                      |     | Maturity Date 
 July 25, 2024 |     | Interest 
 Rate     | *18 | % |     | December 
 31,      
 2023     | 8,474 |     | December 
 31,      
 2022     | 12,254 |   |
|:------------------------------------------------------|:----|:--------------|:----|:---------|:----|:--|:----|:---------|------:|:----|:---------|-------:|:--|
| Less: discount from issuance of warrants              |     |               |     |          |     |   |     |          |     - |     |          |   (475 | ) |
| Less: debt issuance costs                             |     |               |     |          |     |   |     |          |     - |     |          |    (42 | ) |
| Total convertible notes, net of discount and issuance 
 costs                                                 |     |               |     |          |     |   |     | $        | 8,474 |     | $        | 11,737 |   |

On October 25, 2021, pursuant to a Securities Purchase Agreement (the “October SPA”), the Company issued to certain accredited investors (the “Noteholders”) (i) secured convertible notes in an aggregate principal amount of $ 16.3million for an aggregate purchase price of $ 15million (collectively, the “October Secured Notes”), which were, subject to certain conditions, convertible at any time by the investors, into an aggregate of 71,043shares of the Company’s common stock, at a price per share of $ 229.50and (ii) Class A, Class B and Class C common stock purchase warrants (collectively, the “October Warrants”) to purchase up to