Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 29

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 29
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 that were issued such shares in connection with prior investment banking activities unrelated
to the SEPA. Such Selling Holders acquired the Offered Securities in the transactions described above under the heading “The Standby Equity Purchase Agreement.”

The table below sets forth, as of April 17,
2025, the following information regarding the Selling Holders:

| ● | the names of the Selling Holders;                                                                                                                              |
| ● | the number of shares of Common Stock owned by the Selling Holders prior to this offering;                                                                      |
| ● | the number of shares of Common Stock to be offered by the Selling Holders in this offering;                                                                    |
| ● | the number of shares of Common Stock to be owned by the Selling Holders assuming the sale of all of the shares of Common Stock covered by this prospectus; and |
| ● | the percentage of our issued and outstanding shares of                                                                                                         
 Common Stock to be owned by the Selling Holders assuming the sale of all of the shares of Common Stock covered by this prospectus                              
 based on the number of shares of Common Stock issued and outstanding as of April 17, 2025.                                                                     |

Except as described otherwise, the number of shares
of Common Stock beneficially owned by the Selling Holders has been determined in accordance with Rule 13d-3 under the Exchange Act and
includes, for such purpose, shares of Common Stock that the Selling Holders has the right to acquire within 60 days of April 17,
2025.

All information with respect to the Common Stock ownership
of the Selling Holders has been furnished by or on behalf of the Selling Holders. We believe, based on information supplied by the Selling
Holders, that except as may otherwise be indicated in the footnotes to the table below, the Selling Holders have sole voting and dispositive
power with respect to the shares of Common Stock reported as beneficially owned by the Selling Holders. Because the Selling Holders identified
in the table may sell some or all of the shares of Common Stock beneficially owned by them and covered by this prospectus, and because
there are currently no agreements, arrangements or understandings with respect to the sale of any of the shares of Common Stock, no estimate
can be given as to the number of shares of Common Stock available for resale hereby that will be held by the Selling Holders upon termination
of this offering. In addition, the Selling Holders may have sold, transferred or otherwise disposed of, or may sell, transfer or otherwise