Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 3556

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 13
Chunk 3556
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 dispositions of the Escrow Shares (i) at a price
of up to $4.00 per share shall be applied to reduce the outstanding principal balance of the Note and (ii) at a price greater than $4.00
per share shall be applied first to reduce the outstanding principal balance of the Note in an amount equal to $4.00 per share of Common
Stock and then to the Investor.

Line
of Credit

On
September 15, 2021, the Company entered into a $1.0 million unsecured line of credit with KeyBank National Association (“KeyBank”),
that allows the Company to request loans and to use the proceeds of such loans for working capital and other general corporate purposes
(the “KeyBank facility”). The line of credit bears interest at a rate of Prime + 0.75% per annum. Accrued interest is due
monthly and principal is due in full following KeyBank’s demand. As of January 1, 2023, the Company had drawn on the line of credit
and approximately $350 thousand of the amount drawn under the line of credit remained outstanding. As of December 31, 2023, the remaining
$350 thousand had been paid down. The Company does not have any remaining balance outstanding as of December 31, 2024 and December 31,
2023. The Company does not plan to draw down on the line of credit in the foreseeable future. In addition, future drawdowns require pre-approval
by KeyBank.

     F-28 

9.
Stockholders’ Equity

Preferred
Stock

The
Company has two series of preferred stock outstanding: the Series A Preferred Stock, with
a $25.00 liquidation preference; and the Series B Convertible Preferred Stock, par value
$0.0001 per share (the “Series B Preferred Stock”). As of December 31, 2024 and December 31, 2023, there were 4,953,545 and
3,061,245 shares of Series A Preferred Stock issued and outstanding, respectively, and as of December 31, 2024 and December 31, 2023
there was 62,500 shares of Series B Preferred Stock issued and outstanding, respectively.

Series
A Preferred Stock

The
Series A Preferred Stock is not convertible into or exchangeable into common stock of the Company, except upon the occurrence of a delisting
event or change of control. Per the Company