Company: SLNH
Filing Date: 2025-02-05
Form Type: 424B3
Source: 0001493152-25-005030
Chunk: 39

Company: Soluna Holdings, Inc
Filing Date: 2025-02-05
Form: 424B3
Chunk 39
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, and other costs to comply with such regulations. Further, any future climate change regulations could also negatively impact our ability to compete with companies situated in areas not subject to such limitations.

For example, in September 2022, the White House issued a report regarding the Climate and Energy Implications of Crypto-Assets in the United States. The report states that the Department of Energy and Environmental Protection Agency should initiate a process to solicit data and develop environmental performance and energy conservation standards for crypto-asset technologies, including mining equipment. Should such measures prove ineffective at achieving the Administration’s environmental goals, the report calls for the Administration to explore executive actions and legislation to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining in the United States.

We may be affected by price fluctuations in the wholesale and retail power markets.

While the majority of our power and hosting arrangements contain fixed power prices, some also contain certain price adjustment mechanisms in case of certain events. Furthermore, a portion of our power and hosting arrangements includes merchant power prices, or power prices reflecting market movements. Market prices for power, generation capacity and ancillary services, are unpredictable. Over the past year, the market prices for power have generally been increasing, driven in part by the price increases in various commodities, including natural gas. Depending upon the effectiveness of any price risk management activity undertaken by us, an increase in market prices for power, generation capacity, and ancillary services may adversely affect our business, prospects, financial condition, and operating results. Long- and short-term power prices may fluctuate substantially due to a variety of factors outside of our control, including, but not limited to:

| ● | increases                                                                                         
 and decreases in generation capacity;                                                             |
| ● | changes                                                                                           
 in power transmission or fuel transportation capacity constraints or inefficiencies;              |
| ● | volatile                                                                                          
 weather conditions, particularly unusually hot or mild summers or unusually cold or warm winters; |

| 21 |

| ● | technological                                                                                                                               
 shifts resulting in changes in the demand for power or in patterns of power usage, including the potential development of demand-side       
 management tools, expansion and technological advancements in power storage capability and the development of new fuels or new technologies 
 for the production or storage of power;                                                                                                     |
| ● | federal                                                                                                                                     
 and state power, market and environmental regulation and legislation; and                                                                   |
| ● | changes                                                                                                                                     
 in capacity prices and capacity markets.                                                                                                    |

If we are unable to secure power supply at prices or on terms acceptable to us, it would