Company: SLNH
Filing Date: 2025-05-22
Form Type: S-1
Source: 0001641172-25-012098
Chunk: 1

Company: Soluna Holdings, Inc
Filing Date: 2025-05-22
Form: S-1
Chunk 1
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the earlier effective registration statement for the same offering: ☐

If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering: ☐

Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.

| Large accelerated filer | ☐ | Accelerated filer         | ☐ |
| Non-accelerated filer   | ☒ | Smaller reporting company | ☒ |
|                         |   | Emerging growth company   | ☐ |

If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment that specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

| PRELIMINARY PROSPECTUS | Subject to Completion | Dated:       , 2025 |

The information contained in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

<div align='center'>Up to Shares of Common Stock

Pre-Funded Warrants to Purchase up to Shares of Common Stock

Series A Warrants to Purchase up to Shares of Common Stock

Series B Warrants to Purchase up to Shares of Common Stock

Placement Agent Warrants to Purchase up to Shares of Common Stock

Up to Shares of Common Stock underlying