Company: SLNH
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001493152-25-026274
Chunk: 1

Company: Soluna Holdings, Inc
Filing Date: 2025-12-05
Form: 424B5
Chunk 1
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and the accompanying Series C Warrant being sold in this offering, less the $0.001 per share exercise price of each such Pre-Funded Warrant.
Each Pre-Funded Warrant will be exercisable upon issuance and will expire when exercised in full. The Pre-Funded Warrants and Series
C Warrants are immediately separable and will be issued separately in this offering but must be purchased together in this offering.
For each Pre-Funded Warrant we sell, the number of shares of common stock we are offering will be decreased on a one-for-one basis. This
offering also relates to the shares of common stock issuable upon exercise of the Pre-Funded Warrants and the Series C Warrants.

Our common stock is currently listed on the Nasdaq Capital Market (“Nasdaq”) under the symbol “SLNH.” On December 3, 2025, the closing price of our common stock on Nasdaq was $1.76 per share. There is no established public trading market for the Pre-Funded Warrants or Series C Warrants, and we do not expect a market to develop. We do not intend to apply for listing of the Pre-Funded Warrants or Series C Warrants on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the Pre-Funded Warrants and Series C Warrants will be limited.

We have engaged H.C. Wainwright & Co., LLC, or the placement agent, as our exclusive placement agent in connection with this offering. The placement agent has no obligation to buy any of the securities from us or to arrange for the purchase or sale of any specific number or dollar amount of securities. We have agreed to pay the placement agent the placement agent fees set forth in the table below.

|                                                |     | Per              
 Share and        
 Accompanying     
 Series C Warrant |       |     | Per              
 Pre-Funded       
 Warrant and      
 Accompanying     
 Series C Warrant |       |     | Total |            |
|:-----------------------------------------------|:----|:-----------------|------:|:----|:-----------------|------:|:----|:------|-----------:|
| Offering price                                 |     | $                | 1.770 |     | $                | 1.769 |     | $     | 31,987,936 |
| Placement agent fees(1)                        |     | $                | 0.124 |     | $                | 0.124