Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 33

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 33
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and fourth columns are based on the number of shares of Common Stock and Series B Preferred Stock and warrants held by the Series B Holder,
assuming the full conversion of the Series B Preferred Stock and full exercise of the warrants without regard to any limitations on exercise,
but the percentage set forth in the fifth column is limited by the 4.99% beneficial ownership blocker.

The address of Univest is 75 Rockefeller
Plaza, Suite 18C, New York, NY 10019.

The address of holder is c/o Univest,
75 Rockefeller Plaza, Suite 18C, New York, NY 10019.

Does not include 40,409 shares of
Series A Preferred Stock owned by Bradley Richmond. Mr. Richmond is a designee of Univest.

| 17 |

<div align='center'>USE OF PROCEEDS</div>

The Common Stock to be offered and sold using this
prospectus will be offered and sold by the Selling Holders named in this prospectus. Accordingly, we will not receive any proceeds from
any sale of shares of our Common Stock in this offering. However, we will receive proceeds from future advance requests under the SEPA.
We intend to use the net proceeds from the SEPA to prepay existing convertible notes, other debt, investment in data center projects and
for working capital and general corporate purposes. We will pay all of the fees and expenses incurred by us in connection with this registration.

| 18 |

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

The Selling Holders of the Common Stock and any of
their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their Common Stock covered hereby on Nasdaq
or any other stock exchange, market or trading facility on which the Common Stock are traded or in private transactions. These sales may
be at fixed or negotiated prices. Selling Holders may use any one or more of the following methods when selling the Common Stock:

| ● | ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;                                                                                      |
| ● | block trades in which the broker-dealer will attempt to sell the Common Stock as agent but may position and resell a portion of the block as principal to facilitate the transaction; |
| ● | purchases by a broker-dealer as principal and resale by the broker-dealer for its account;                                                                                            |
| ● | an exchange distribution in accordance with the rules of the applicable exchange;                                                                                                     |
| ● |