Company: SLNH
Filing Date: 2025-07-11
Form Type: S-1/A
Source: 0001641172-25-018792
Chunk: 1

Company: Soluna Holdings, Inc
Filing Date: 2025-07-11
Form: S-1/A
Chunk 1
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 following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering: ☐

If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering: ☐

Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.

| Large accelerated filer | ☐ | Accelerated filer         | ☐ |
| Non-accelerated filer   | ☒ | Smaller reporting company | ☒ |
|                         |   | Emerging growth company   | ☐ |

If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment that specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

<div align='center'>EXPLANATORY NOTE</div>

This Amendment No. 2 (the
“Amendment”) to the Registration Statement on Form S-1 of Soluna Holdings, Inc. (File No. 333-287519) (the
“Registration Statement”) is being filed as an exhibit-only filing solely to file the opinion and consent of Brownstein
Hyatt Farber Schreck, LLP as Exhibit 5.1 and the opinion and consent of Lowenstein Sandler LLP as Exhibit 5.2. Accordingly, this
Amendment consists only of the facing page, this explanatory note, Item 16 of Part II of the Registration Statement, the signature
pages to the Registration Statement, and the referenced exhibits. The prospectus and