Company: SLNH
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001493152-25-026274
Chunk: 26

Company: Soluna Holdings, Inc
Filing Date: 2025-12-05
Form: 424B5
Chunk 26
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 agent:

| ● | may                                                                             
 not engage in any stabilization activity in connection with our securities; and |

| ● | may                                                                                                                                      
 not bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than as permitted 
 under the Exchange Act, until they have completed their participation in the distribution.                                               |

Nasdaq Listing

Our common stock is listed on Nasdaq under the symbol “SLNH.”

Other Relationships

From time to time, the placement agent has provided and may provide in the future, various advisory, investment and commercial banking and other services to us in the ordinary course of business, for which it may receive customary fees and commissions. However, except as disclosed in this prospectus supplement, we have no present arrangements with the placement agent for any further services. The placement agent acted as our exclusive placement agent in connection with our July 2025 public offering, and acts as our exclusive sales agent in connection with our “at-the-market” offering we initiated in April 2025, and received compensation in connection with each such offering.

| S-15 |

<div align='center'>LEGAL MATTERS</div>

The validity of the shares of our common stock being offered hereby and certain other matters of Nevada law will be passed upon for us by Brownstein Hyatt Farber Schreck, LLP, Las Vegas, Nevada. The validity of the other securities offered hereby will be passed upon for us by Lowenstein Sandler LLP, New York, New York. The Placement Agent is being represented by Ellenoff Grossman & Schole LLP, New York, New York.

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

The consolidated balance sheets of Soluna Holdings, Inc. and its subsidiaries as of December 31, 2024 and 2023, and the related consolidated statements of operations, changes in equity, and cash flows for each of the years then ended have been audited by UHY LLP, independent registered public accounting firm, as stated in their report which is incorporated herein by reference. Such financial statements have been incorporated herein by reference in reliance on the report of such firm given upon their authority as experts in accounting and auditing.

| S-16 |

<div align='center'>INFORMATION INCORPORATED BY REFERENCE</div>

The SEC allows us to “incorporate by reference” information that we file with it into this prospectus supplement, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference