Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 23

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 23
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 injunction by any court or governmental authority of competent jurisdiction which prohibits the consummation of or that would materially modify or delay any of the transactions contemplated by the SEPA or the Registration Rights Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| ● | trading in the Common Stock will not have been suspended                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 by the SEC, Nasdaq or Financial Industry Regulatory Authority (“FINRA”), the Company will not have received any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 final and non-appealable notice that the listing or quotation of the Common Stock on Nasdaq will be terminated on a date certain                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
 (unless, prior to such date, the Common Stock is listed or quoted on any other Principal Market, as such term is defined in the SEPA),                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 and there will be no suspension of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
 services by The Depository Trust Company with respect to the Common Stock;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| ● | the Company will have authorized all of the shares of Common Stock issuable pursuant to the applicable Advance Notice by all necessary corporate action of the Company; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| ● | the accuracy in all material respects of the representations and warranties of the Company included in the applicable Advance Notice as of the applicable Advance Notice Date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

| 11 |

Termination of the SEPA

Unless earlier terminated as provided in the SEPA,
the SEPA will terminate automatically on the earliest to occur of:

| ● | the 24-month anniversary of the Effective Date; or                                                                                                     |
| ● | the date on which the Investor will have purchased shares of Common Stock under the SEPA for an aggregate gross purchase price equal to $25.0 million. |

The Company has the right to terminate the SEPA at
any time after the Effective Date, at no cost or penalty, upon five Trading Days’ prior written notice to the Investor; provided
that (i) there are no outstanding Advance Notices under which shares of Common Stock have yet to be issued and (ii) the Company has paid
all amounts owed to the Investor pursuant to the SEPA. The Company and the Investor may also terminate the SEPA at any time by mutual
written consent.

No Short-Selling or Hedging by the Investor

The Investor has agreed that none of the Investor,
its sole member