Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 10

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 10
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 approximately 309% and 306%, respectively, of the outstanding
shares of our Common Stock as of the date hereof after giving effect to such issuances. This does not include consent fees paid to a
Selling Holder in cash in connection with advances under the SEPA.

Pursuant to the SEPA, we were required to register
resales of the shares of Common Stock eligible to be sold pursuant to the SEPA. We agreed to file a registration statement and shall not
have the ability to request any advances under the SEPA until the registration statement, of which this prospectus forms a part, is declared
effective.

On November 15, 2024, at a Special Meeting of Stockholders
and pursuant to the rules of the Nasdaq Capital Market, we obtained stockholder approval to issue to the Investor, pursuant to the SEPA,
shares of Common Stock that exceed 19.99% of the shares of Common Stock outstanding immediately prior to the execution of the SEPA.

| 3 |

On October 1, 2024, the Company and Univest entered
into the Release Agreement whereby the parties agreed to terminate all prior agreements with respect to investment banking and placement
agency services offered by Univest to the Company. Under the Release Agreement, the Company agreed to issue Univest $1,000,000 of shares
of Common Stock and to include such shares in the Company’s next registration statement. The number of shares issued was calculated
based on the five-day VWAP ending October 1, 2024. The Release Shares were issued in a private placement exempt from registration pursuant
to Section 4(a)(2) of the Securities Act. Pursuant to the Release Agreement, the shares were issued to settle all financial matters between
the Company and Univest, including any payment obligations that the Company had towards Univest in connection with the services that Univest
provided, in exchange for a mutual release. Also under the Release Agreement, Univest agreed, during the Leak-Out Period, to not sell
such shares in excess of 1/3 of the shares of Common Stock beneficially owned by Univest and its affiliates on the day immediately prior
to the first day of the Leak-Out Period.

Recent Developments

Soluna Cloud - Termination of HPE Agreement

Soluna launched Project Ada- its GPU-as-a-Service
business, via Soluna Cloud, Inc. (“Soluna Cloud”), a subsidiary of the Company, earlier in 2024, in order