Company: SLNH
Filing Date: 2025-01-28
Form Type: CORRESP
Source: 0001493152-25-003974
Chunk: 2

Company: Soluna Holdings, Inc
Filing Date: 2025-01-28
Form: CORRESP
Chunk 2
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public offering” as defined by FINRA Rule 5110(j)(18), FINRA is not required to evaluate the compensation payable to Northland under FINRA Rule 5110. In addition, Northland is not “participating” in the public offering pursuant to the Registration Statement, because it has not and will not do any of the activities delineated under FINRA Rule 5110(j)(16) in connection with the resale of the securities by the Selling Holders. All of Northland’s services in connection with the SEPA are complete.

Further, Univest is not participating in any public offering of securities and will not receive any compensation in connection with the resale of the securities by any of the Selling Holders pursuant to the Registration Statement (including the resale of the Release Shares that were issued to it in a private placement transaction in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act).

FINRA Rule 5123

The Company also considered whether
there was a notification or filing requirement under FINRA Rule 5123 in connection with the transactions described in the Registration
Statement and, in particular, the private placement transaction between the Company and the Investor for which Northland served as placement
agent. FINRA Rule 5123(a) requires a filing with FINRA when a member firm sells a security in a non-public offering in reliance on an
available exemption from registration under the Securities Act. FINRA Rule 5123(b), however, provides several exemptions to such filing
requirement, including if the private placement is made only to institutional accounts, as defined in FINRA Rule 4512(c). In connection
with discussions with Northland, it is the Company’s understanding that the Investor qualifies as an institutional account, as
defined in FINRA Rule 4512(c), and therefore, no filing or notification is required under FINRA Rule 5123.

We hope that the foregoing has been responsive to the Staff’s comment. If you have any questions or comments about this letter or need any further information, please do not hesitate to call Daniel Forman of Lowenstein Sandler LLP at (212) 419-5904.

| Very             
 truly yours,     |
| /s/              
 Daniel L. Forman |
| Daniel           
 L. Forman        |

| cc: | John                             
 Belizaire, Soluna Holdings, Inc. 
 Steven                           
 Siesser, Lowenstein Sandler LLP  |