Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 32

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 32
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 proceeds from future advance requests under the SEPA.
We intend to use the net proceeds from the SEPA to prepay existing convertible notes, other debt, investment in data center projects and
for working capital and general corporate purposes. We will pay all of the fees and expenses incurred by us in connection with this registration.

| 18 |

<div align='center'>PLAN OF DISTRIBUTION</div>

The Selling Holders of the Common Stock and any of
their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their Common Stock covered hereby on Nasdaq
or any other stock exchange, market or trading facility on which the Common Stock are traded or in private transactions. These sales may
be at fixed or negotiated prices. Selling Holders may use any one or more of the following methods when selling the Common Stock:

| ● | ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;                                                                                      |
| ● | block trades in which the broker-dealer will attempt to sell the Common Stock as agent but may position and resell a portion of the block as principal to facilitate the transaction; |
| ● | purchases by a broker-dealer as principal and resale by the broker-dealer for its account;                                                                                            |
| ● | an exchange distribution in accordance with the rules of the applicable exchange;                                                                                                     |
| ● | privately negotiated transactions;                                                                                                                                                    |
| ● | in transactions through broker-dealers that agree with the Selling Holders to sell a specified number of such Common Stock at a stipulated price per share;                           |
| ● | through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;                                                         |
| ● | a combination of any such methods of sale; or                                                                                                                                         |
| ● | any other method permitted pursuant to applicable law.                                                                                                                                |

The Selling Holders may also sell the Common Stock
under Rule 144 or any other exemption from registration under the Securities Act, if available, rather than under this prospectus.

Northland Securities, Inc. acted as placement agent
in connection with the SEPA and was entitled to receive a commission on funds received by the Company under the SEPA. Pursuant to an amendment
to its engagement letter with the Company, Northland agreed to waive any and all commissions in connection with the SEPA.

Univest is a FINRA-registered broker dealer, and Bradley
Richmond is a FINRA-registered broker and is an employee of and affiliated