Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 48

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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 the Series B Investor 60,000 common stock purchase warrants (the “Series B Warrants”)
to purchase up to an aggregate of shares of common stock. In connection with the above referenced waiver, the exercise price of these
warrants was reduced to $0.01 per share and an additional 140,000 warrants exercisable for $0.01 per share were issued. The Series B
Investor exercised the 60,000 Series B Warrants on April 22, 2025 through a cashless warrant exercise resulting in the issuance of 59,131
shares of common stock.

    25

Effective
from October 1, 2024, the sale of common stock as a result of conversion of Series B Preferred Stock and exercise of the new 140,000
warrants is subject to a 12-month lockup, followed by a 12 month leak out where the holder may not sell shares during the lockup period
and may sell up to 1/12th of total conversion and warrant exercise shares per month during the leak out. The effects of the
modification of the Series B Preferred Stock on October 1, 2024, including repriced and newly issued penny warrants, and dividend amendments,
created an extinguishment on the Series B Preferred Stock in which the Company recorded a deemed dividend of approximately $1.7 million
which relates to the fair value consideration of the modified Series B Preferred Stock less the original carrying value for the year
ended December 31, 2024, excluding the consideration of the Preferred B dividend as discussed below.

Common
Stock

The
Company has one class of common stock, par value $0.001 per share. Each share of the Company’s common stock is entitled to one
vote on all matters submitted to stockholders. As of September 30, 2025 and December 31, 2024, there were 64,051,790 and 10,607,020 shares
of common stock outstanding, respectively.

Dividends

Pursuant
to the Certificate of Designations, Preferences and Rights of 9.0% Series A Cumulative Perpetual Preferred Stock of the Company, dividends,
when, as and if declared by the Board (or a duly authorized committee of the Board), will be payable monthly in arrears on the final
day of each month, beginning August 31, 2021. The Board of Directors had not declared any Series A Preferred Stock dividends beginning
October