Company: SLNH
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001493152-25-026274
Chunk: 39

Company: Soluna Holdings, Inc
Filing Date: 2025-12-05
Form: 424B5
Chunk 39
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 as well as joint venture potential. It will be co-located with a wind farm in Texas. We have signed term sheets for both power and land purchase agreements in connection with this project.

Project Kati

We are developing Project Kati which is expected to be a 166MW data center for AI, machine learning, Bitcoin hosting and other computing-intensive applications, as well as joint venture potential. It will be co-located with a wind farm in Texas. We have received final ERCOT approval for the Reactive Power Study which is the last study required to exit planning. It is also waiting for required amendments to Las Majadas Wind Farm’s agreement with the transmission service provider to be completed.

Project Grace

We continue to develop a 2MW AI/HPC data center to be co-located with the same windfarm as Project Dorothy that will be the first construction of Soluna’s proprietary Helix design that remains in the concept design phase.

Project Hedy

We have signed a term
sheet for power for Project Hedy, a new 120 MW data center co-located with a 200 MW wind farm in South Texas.The wind farm is
owned by a new power partner–a multinational conglomerate that focuses on developing and managing sustainable infrastructure solutions,
with a strong emphasis on renewable energy, water management, and services, aiming to contribute to a low-carbon economy and a better
planet.

Implications of Being a Smaller Reporting Company

We qualify as a “smaller reporting company” under applicable SEC regulations. A smaller reporting company may take advantage of reduced reporting requirements that are otherwise applicable to public companies. These provisions include, but are not limited to:

| ● | being                                                                                     
 permitted to present only two years of audited financial statements and only two years of 
 related “Management’s Discussion and Analysis of Financial Condition and Results          
 of Operations” disclosure in our periodic reports and registration statements, including  
 this prospectus; reduced disclosure about our executive compensation arrangements;        |

| ● | not                                                                                          
 being required to comply with the auditor attestation requirements of Section 404 of the     
 Sarbanes-Oxley Act, as amended, on the effectiveness of our internal controls over financial 
 reporting; and                                                                               |

| ● | reduced                                                                                       
 disclosure obligations regarding executive compensation arrangements in our periodic reports, 
 proxy statements and registration statements, including this prospectus.                      |

| 6 |

We will continue to be a smaller reporting company as long as we have a public float (determined as of the end of our second