Company: SLNH
Filing Date: 2025-05-22
Form Type: S-1
Source: 0001641172-25-012098
Chunk: 27

Company: Soluna Holdings, Inc
Filing Date: 2025-05-22
Form: S-1
Chunk 27
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 no specific acquisition contemplated at this time. As of the date of this prospectus, we cannot specify with certainty all of
the particular uses for the net proceeds from this offering. As a result, our management will have broad discretion in the application
of the net proceeds from this offering, and the investors will be relying on the judgment of our management regarding the application
of the net proceeds from this offering. The amounts and timing of our actual expenditures will depend on numerous factors, including factors
described under “Risk Factors” in this prospectus and the documents incorporated by reference herein and therein.

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<div align='center'>DILUTION</div>

If you invest in our securities in this offering,
your interest will be diluted immediately to the extent of the difference between the public offering price paid by the purchasers of
the shares of common stock and Common Warrants sold in this offering and the pro forma as adjusted net tangible book value per shares
of common stock after this offering.

The net tangible book value of our common stock
as of March 31, 2025, was approximately $11.7 million, or approximately $0.94 per share of common stock. Net tangible book value per share
represents the amount of our total tangible assets less total liabilities divided by the total number of our shares of common stock outstanding
as of March 31, 2025.

After giving effect to the issuance of the 1,000,000 Investor Shares on April 29, 2025, our pro forma net tangible book value as of March 31, 2025 would have been approximately $11.7 million, or approximately $0.87 per share of common stock, a decrease of approximately $0.07 per share of common stock.

After giving further effect to the sale by us
in this offering of shares of common stock and accompanying Common Warrants at a price per share and accompanying Common Warrants of $ ,
our pro forma as adjusted net tangible book value as of March 31, 2025, would have been approximately $ million, or
approximately $ per share of common stock. This represents an immediate increase in net tangible book
value of approximately $ per share of common stock to our existing security holders and an immediate dilution in as
adjusted net tangible book value of approximately $ per share of common stock to purchasers of common stock in this
offering, as illustrated by the following table:

| Assumed public offering price per share and accompanying Common Warrants                                           |     |