Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 45

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 45
---
 or winding up, on parity
with the Series A Preferred Stock will share ratably in any distribution of assets in proportion to the full liquidation preference to
which they would otherwise be respectively entitled.

Preemptive Rights. No holders
of Series A Preferred Stock will, as holders of Series A Preferred Stock, have any preemptive rights to purchase or subscribe for the
Common Stock or any other security.

Redemption Rights. The
Company is not required to redeem the Series A Preferred Stock at any time. Accordingly, the Series A Preferred Stock will remain outstanding
indefinitely, unless the Company decides, at its option, to exercise its redemption right or, under circumstances as described in “Conversion
Rights,” where the holders of Series A Preferred Stock have a conversion right, such holders convert the Series A Preferred Stock
into the Common Stock. The Series A Preferred Stock is not subject to any sinking fund.

Conversion Rights. The
shares of Series A Preferred Stock are not convertible into or exchangeable for any other property or securities of the Company or any
other entity, except upon the occurrence of a delisting event or change of control.

Nonassessability. All outstanding
shares of our Series A Preferred Stock are fully paid and nonassessable.

Series B Preferred Stock

On July 19, 2022, the Company
entered into a Securities Purchase Agreement (the “Series B SPA”) with the Series B Holder pursuant to which the Company sold
to the Series B Holder 62,500 shares of Series B Preferred Stock (the “Series B Shares”), for a purchase price of $5,000,000.
The Series B Shares were initially convertible, subject to certain conditions, into 46,211 shares of Common Stock, at a price per share
of $135.25 per share, a 20% premium to the closing price of the Common Stock on July 18, 2022, subject to adjustment as set forth in the
Certificate of Designations of Preferences, Rights and Limitations for the Series B Preferred Stock (“Series B Certificate of Designations”).
On October 2, 2024, the Company agreed, as a condition of a waiver of the Series B Holder’s right of first refusal and participation
rights in connection with the SEPA, to reduce the conversion price to $5.00 upon stockholder approval, which was obtained on November
15, 2024.

In addition, in 2022, the Company
issued to the Series B Holder 60