Company: SLNH
Filing Date: 2025-02-03
Form Type: S-1/A
Source: 0001493152-25-004555
Chunk: 223

Company: Soluna Holdings, Inc
Filing Date: 2025-02-03
Form: S-1/A
Chunk 223
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 balance of the Term Loan, if any, shall become immediately due and owing in full and shall be paid by wire transfer in immediately available funds. As of December 31, 2023, approximately $ 1.7million is included in current portion of debt as the Company’s expectation is that principal and capitalized interest payments will be made to pay off the Term Loan within one year after year-end. The Company has paid approximately $ 547thousand in principal and capitalized interest payments for the year ended December 31, 2023. For the year ended December 31, 2023, the Company has incurred approximately $ 204thousand in interest expense.

Line of Credit

On September 15, 2021, the Company entered into a $ 1.0million unsecured line of credit with KeyBank National Association (“KeyBank”), that will, among other things, allow the Company to request loans and to use the proceeds of such loans for working capital and other general corporate purposes (the “KeyBank facility”). The line of credit bears interest at a rate of Prime + 0.75% per annum. Accrued interest is due monthly and principal is due in full following KeyBank’s demand. As of January 1, 2022, the entire line of credit of $ 1.0million was drawn and outstanding. As of December 31, 2022, $ 650thousand of outstanding balance has been paid down; therefore $ 350thousand of the amount drawn under the line of credit remained outstanding. As of December 31, 2023, the remaining $ 350thousand has been paid down, and the Company does not have any remaining balance outstanding. The Company does not plan to draw down on the line of credit in the foreseeable future. In addition, future drawdowns may require pre-approval by KeyBank.

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10. Stockholders’ Equity

Preferred Stock

The Company has two series of preferred stock outstanding: the Series A Preferred Stock, with a $ 25.00liquidation preference; and the Series B Convertible Preferred Stock, par value $ 0.0001per share, with a stated value equal to $ 100.00(the “Series B Preferred Stock”). As of December 31, 2023 and December 31, 2022, there were 3,061,245shares of Series A Preferred Stock issued and outstanding, respectively, and as of December 31, 2023 and