Company: SLNH
Filing Date: 2025-11-17
Form Type: 424B3
Source: 0001493152-25-023884
Chunk: 1

Company: Soluna Holdings, Inc
Filing Date: 2025-11-17
Form: 424B3
Chunk 1
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 of Distribution” beginning on page 12 of this prospectus for more information. Although we have been advised by the Selling Stockholder that the Selling Stockholder is purchasing the Shares for its own account, for investment purpose in which they take investment risk (including, without limitation, the risk of loss), and without any view or intention to distribute such Shares in violation of the Securities Act of 1933, as amended (the “Securities Act”), or any other applicable securities laws, the Selling Stockholder may be deemed an “underwriter” within the meaning of Section 2(a)(11) of the Securities Act by the Securities and Exchange Commission (the “SEC”) , in which case any profits on the sales of the Shares by the Selling Stockholder and any discounts, commissions or concessions received by the Selling Stockholder would be deemed to be underwriting discounts and commissions under the Securities Act.

Our common stock is listed on the Nasdaq Capital Market (“Nasdaq”) under the symbol “SLNH.” The last reported sale price for our common stock on November 14, 2025 on Nasdaq was $1.67.

You should read this prospectus, together with the additional information described under the headings “ Incorporation of Certain Information by Reference” and “ Where You Can Find More Information,” carefully before you invest in any of our securities.

An investment in our securities involves a high degree of risk. Before deciding whether to invest in our securities, you should consider carefully the risks and uncertainties described in the section captioned “ Risk Factors” contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 31, 2025 and our other filings we make with the SEC from time to time, which are incorporated by reference herein in their entirety, together with other information in this prospectus and the information incorporated by reference herein.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

<div align='center'>The date of this prospectus is November 15, 2025.</div>

<div align='center'>TABLE OF CONTENTS</div>

| ABOUT THIS PROSPECTUS                                | ii |
| PROSPECTUS SUMMARY                                   |  1 |
| THE OFFERING                                         |  6 |
| PRIVATE PLACEMENTS                                   |  7 |
| RISK FACTORS                                         |  8