Company: SLNH
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001493152-25-026274
Chunk: 14

Company: Soluna Holdings, Inc
Filing Date: 2025-12-05
Form: 424B5
Chunk 14
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 2025                                                          |     | $ | 0.98 |     |   |      |
| Increase in net tangible book value per share                     
 attributable to this offering                                     |     |   | 0.18 |     |   |      |
| As adjusted net tangible book value per share after this offering |     |   |      |     |   | 1.16 |
| Dilution per share to new investors participating                 
 in this offering                                                  |     |   |      |     | $ | 0.61 |

The number of shares of our common stock that will be outstanding immediately after this offering as shown above is based on 62,092,531 shares outstanding as of September 30, 2025, andexcludes as of that date:

| ● | 2,645                                                                                                                               
 shares of our common stock issuable upon the exercise of options outstanding at a weighted average exercise price of $21.46         
 per share;                                                                                                                          |
| ● | 199,190                                                                                                                             
 shares of our common stock underlying restricted stock units;                                                                       |
| ● | 1,250,000                                                                                                                           
 shares of our common stock issuable upon conversion of our Series B Preferred Stock; and                                            |
| ● | 7,722,890                                                                                                                           
 shares of our common stock issuable upon the exercise of outstanding warrants, including pre-funded warrants, at a weighted average 
 exercise price of $2.06 per share.                                                                                                  |

To the extent that outstanding exercisable options or warrants are exercised, there may be further dilution to investors participating in this offering. In addition, we may choose to raise additional capital because of market conditions or strategic considerations, even if we believe that we have sufficient funds for our current or future operating plans. If we raise additional capital through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders.

| S-10 |

<div align='center'>DESCRIPTION OF SECURITIES WE ARE OFFERING</div>

The following summary of the rights of the securities we are offering is not complete and is subject to and qualified in its entirety by reference to our Articles of Incorporation, as amended (the “Articles of Incorporation”), and our Bylaws (the “Bylaws”), copies of which are filed as exhibits to the registration statement of which this prospectus supplement forms a part.

We are offering 5,929,944 shares of our common stock and Series C Warrants to purchase 18,