Company: SLNH
Filing Date: 2025-07-17
Form Type: 424B4
Source: 0001641172-25-019981
Chunk: 17

Company: Soluna Holdings, Inc
Filing Date: 2025-07-17
Form: 424B4
Chunk 17
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 $21.46 per share; |
| ● | 177,885                                                                                                                                
 shares of our common stock underlying restricted stock units;                                                                          |
| ● | 1,250,000                                                                                                                              
 shares of our common stock issuable upon conversion of our Series B Convertible Preferred Stock, par value $0.001 per share (the       
 “Series B Preferred Stock”);                                                                                                           |
| ● | 2,347,134                                                                                                                              
 shares of our common stock issuable upon the exercise of outstanding warrants, including pre-funded warrants, at a weighted average    
 exercise price of $5.42 per share; and                                                                                                 |
| ● | 1,748,822                                                                                                                              
 shares of our common stock reserved for issuance under our equity incentive plans.                                                     |

As of June 12, 2025, we had 4,953,545 shares of our 9.0% Series A Cumulative Perpetual Preferred Stock issued and outstanding (the “Series A Preferred Stock”) and 62,500 shares of our Series B Preferred Stock issued and outstanding.

| 8 |

<div align='center'>RISK FACTORS</div>

Before purchasing any of the securities you should carefully consider the risk factors set forth below and incorporated by reference in this prospectus from our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and any subsequent updates described in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as well as the risks, uncertainties and additional information set forth in our SEC reports on Forms 10-K, 10-Q, and 8-K and in the other documents incorporated by reference in this prospectus. For a description of these reports and documents, and information about where you can find them, see “Additional Information” and “Incorporation of Certain Information By Reference.” Additional risks not presently known or that we presently consider to be immaterial could subsequently materially and adversely affect our financial condition, results of operations, business, and prospects.

We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.

Our management will have broad discretion in the application of the net proceeds, including for any of the purposes described in the section of this prospectus titled “Use of Proceeds.” You will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the net