Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 61

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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 owns 9.2% of
HEL; however, as a result of his 100% ownership of Brookstone IAC, Inc., which is the manager of Tera Joule, LLC, he has dispositive
power over the equity interests that Tera Joule owns in HEL.

In
addition, one of the Company’s directors, Matthew E. Lipman, serves as a director and is currently acting as President of HEL.
Mr. Lipman does not directly own any equity interest in Tera Joule, LLC, which owns 9.2% of HEL; however, as a result of his position
as a director and officer of Brookstone IAC, Inc., which is the manager of Tera Joule, LLC, he has dispositive power over the equity
interests that Tera Joule owns in HEL. As a result, the approximate dollar value of the amount of Mr. Toporek’s and Mr. Lipman’s
interest in the Company’s transactions with HEL for the year ended December 31, 2024 was $0 and $0, respectively.

John
Belizaire, the Company’s Chief Executive Officer, and John Bottomley, who were elected to the Board upon the effective time of
SCI’s acquisition of Soluna Callisto, serve as directors of HEL. In addition, Mr. Belizaire is the beneficial owner of 1,317,567
shares of common stock of HEL and 102,380 Class Seed Preferred shares, which are convertible into 86,763 shares of common stock of HEL.
These interests give Mr. Belizaire an ownership of 10.54% in HEL. Mr. Belizaire also owns an interest in HEL indirectly through his 5.0139%
interest in Tera Joule, LLC’s 965,945 Class Seed Preferred shares, which are convertible into 818,596 shares of common stock of
HEL. Mr. Bottomley is the beneficial owner of 96,189, or approximately 0.72%, of the outstanding shares of common stock of HEL.

    31

The
Company owned approximately 1.79% of HEL, calculated on a converted fully diluted basis, as of September 30, 2025 and December 31, 2024.
The Company’s equity investment of HEL was fully impaired in fiscal year 2023, as such the equity investment is valued at $0 for
both September 30, 2025 and December 31,