Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 258

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 258
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 could adversely impact our business.

●We may be affected by price fluctuations in the wholesale and
retail power markets.

●The development and acceptance of competing blockchain platforms
or technologies may cause consumers to use alternative distributed ledgers or other alternatives.

●Our business has and is expected to continue to have significant
customer concentration.

●Failure to attract, grow and retain a diverse and balanced customer
base, including key magnet customers, could harm our business and operating results.

●We are heavily dependent on our senior management, and a loss
of a member of our senior management team could cause the market prices of our securities to suffer.

●We depend upon third-party suppliers for power, and we are vulnerable
to service failures and price increases by such suppliers and to volatility in the supply and price of power in the open market.

●Our business model depends upon the demand for data centers.

●Insiders continue to have substantial control over the Company.

●We are subject to complex environmental, health and safety laws
and regulations that may expose us to significant liabilities for penalties, damages or costs of remediation or compliance.

●Provisions in our Articles (as defined below), our Bylaws (as
defined below), and Nevada law may discourage a takeover attempt even if a takeover might be beneficial to our stockholders.

16

●If we are unable to protect our information systems against
service interruption or failure, misappropriation of data or breaches of security, our operations could be disrupted, we could be subject
to costly government enforcement actions and private litigation and our reputation may be damaged.

●We incur significant costs as a result of operating as a public
company.

●We may become involved in litigation arising in the ordinary
course of our business that may materially adversely affect us.

●The market price of our securities is likely to be volatile, which may cause investment losses for
                                                                                       our shareholders.

●Because there has been limited precedent set for financial accounting
of Bitcoin and other cryptocurrency assets, the determination that we have made for how to account for cryptocurrency assets transactions
may be subject to change.

●If we are not able to comply with the applicable continued listing
requirements or standards of Nasdaq, Nasdaq could delist our common stock or Series A Preferred Stock or broker-dealers may be discouraged
from effecting transactions in shares of our securities.

●Substantial blocks of our common stock may be sold into the
market as a result of our being party to the SEPA and you may experience immediate and substantial dilution in the