Company: SLNH
Filing Date: 2025-06-16
Form Type: S-1/A
Source: 0001641172-25-015179
Chunk: 37

Company: Soluna Holdings, Inc
Filing Date: 2025-06-16
Form: S-1/A
Chunk 37
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 event of
a fundamental transaction, as described in the Pre-Funded Warrants and generally including any reorganization, recapitalization or reclassification
of our shares of common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation
or merger with or into another person, the acquisition of more than 50% of our outstanding securities, or any person or group becoming
the beneficial owner of 50% of the voting power represented by our outstanding shares of securities, the holders of the Pre-Funded Warrants
will be entitled to receive upon exercise of the Pre-Funded Warrants the kind and amount of securities, cash or other property that the
holders would have received had they exercised the Pre-Funded Warrants immediately prior to such fundamental transaction on a net exercise
basis.

Placement Agent Warrants

In addition, we have agreed to issue to the placement
agent or its designees the placement agent warrants to purchase up to 5.0% of the aggregate number of shares of common stock sold in this
offering (including the shares of common stock issuable upon the exercise of the Pre-Funded Warrants), at an exercise price equal to 125%
of the public offering price per share of common stock and accompanying Common Warrants to be sold in this offering. The placement agent
warrants will be exercisable beginning on the effective date of Warrant Stockholder Approval, provided that if the Pricing Conditions
are met, the placement agent warrants will be exercisable upon issuance. The placement agent warrants will expire five years from the
commencement of sales under this offering. The placement agent warrants issued in this offering will otherwise have substantially the
same terms as the Common Warrants.

<div align='center'>PLAN OF DISTRIBUTION</div>

We have engaged H.C. Wainwright &
Co., LLC to act as our exclusive placement agent to solicit offers to purchase the securities offered by this prospectus on a
reasonable best efforts basis. The placement agent is not purchasing or selling any securities, nor are they required to arrange for
the purchase and sale of any specific number or dollar amount of securities, other than to use their “reasonable best
efforts” to arrange for the sale of the securities by us. Therefore, we may not sell the entire amount of securities being
offered.

The terms of this offering are subject to market
conditions and negotiations between us, the placement agent and prospective investors. The placement agent will have no authority to
bind