Company: SLNH
Filing Date: 2025-04-18
Form Type: POS AM
Source: 0001641172-25-005429
Chunk: 20

Company: Soluna Holdings, Inc
Filing Date: 2025-04-18
Form: POS AM
Chunk 20
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 Series B Holder; and                                                                     |
|                                               |     | ● | 308,642 Release Shares issued to the two other Selling Holders.                                                                                                                  |

| Common Stock outstanding before                       
 this offering                                         |     | 12,508,045 shares of Common Stock as of April 17,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
 2025.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Common stock to be outstanding immediately after this 
 offering                                              |     | 14,135,173 shares of Common Stock, assuming the sale of 1,935,770 shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
 of Common Stock in this offering.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
 The actual number of shares of our Common Stock issued pursuant to the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 SEPA will vary, depending on advance requests by us.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Use of Proceeds                                       |     | We will not receive any proceeds from the shares of Common                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
 Stock offered by the Selling Holders pursuant to this prospectus. Please see the section titled “Use of Proceeds”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
 on page 18 of this prospectus.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| National Securities Exchange Listing                  |     | Our Common Stock and Series A Preferred Stock are currently listed on Nasdaq under the symbols “SLNH” and “SLNH”, respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Risk Factors                                          |     | 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” beginning on page 14 of this prospectus and 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 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. |

| 8 |

<div align='center'>THE STANDBY EQUITY PURCHASE AGREEMENT</div>

General

On August 12, 2024, we entered into the SEPA with
the Investor. Pursuant to the terms of the SEPA, the Company agreed to issue and sell to the Investor, from time to time, and the Investor
agreed to purchase from the Company, up to $25 million of the Company’s shares of Common Stock.