Company: SLNH
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001493152-25-026274
Chunk: 13

Company: Soluna Holdings, Inc
Filing Date: 2025-12-05
Form: 424B5
Chunk 13
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 factors, including factors described under “Risk Factors” in this prospectus supplement and the documents incorporated by reference herein and therein.

| S-8 |

<div align='center'>DIVIDEND POLICY</div>

We currently intend to retain earnings, if any, to fund the development and growth of our business and do not anticipate paying cash dividends for the foreseeable future. Payment of future cash dividends, if any, will be at the discretion of our board of directors after taking into account various factors, including our financial condition, operating results, current and anticipated cash needs and plans for expansion.

| S-9 |

<div align='center'>DILUTION</div>

If you invest in our securities in this offering, your ownership interest will be immediately diluted to the extent of the difference between the offering price per share and the pro forma as adjusted net tangible book value per share of our common stock immediately after this offering. Dilution per share to new investors is determined by subtracting pro forma as adjusted net tangible book value per share after this offering from the offering price per share paid by new investors.

As of September 30, 2025, we had a net tangible book value of approximately $62.9 million, or approximately $0.98 per share of common stock. Our net tangible book value per share represents total tangible assets less total liabilities, divided by the number of shares of common stock outstanding at September 30, 2025.

After giving further effect to the issuance and sale by us of 5,929,944 shares of our common stock in this offering at an offering price of $1.77 per share (or Pre-funded Warrants in lieu thereof) and accompanying Series C Warrant and after deducting the estimated placement agent fees and commissions and estimated offering expenses payable by us, our as adjusted net tangible book value as of September 30, 2025 would have been approximately $92.5 million, or approximately $1.16 per share. This amount represents an immediate increase in net tangible book value of approximately $0.18 per share to our existing stockholders and an immediate dilution in net tangible book value of approximately $0.61 per share to new investors purchasing shares of common stock in this offering.

The following table illustrates this dilution on a per share, as adjusted, basis:

| Offering price per share and accompanying Series                  
 C Warrant                                                         |     |   |      |     | $ | 1.77 |
| Net tangible book value per share as of September                 
 30,