# EDGAR Filing Document

**Accession Number:** 0000064463
**File Stem:** 0001493152-26-018565
**Filing Date:** 2026-4
**Character Count:** 76449
**Document Hash:** 19c7df25bb09bcf284246df238a7dc97
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-018565.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0001493152-26-018565

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Soluna Holdings, Inc
- **CENTRAL INDEX KEY:** 0000064463
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 141462255
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295051
- **FILM NUMBER:** 26884208

**BUSINESS ADDRESS:**
- **STREET 1:** 325 WASHINGTON AVENUE EXTENSION
- **CITY:** ALBANY
- **STATE:** NY
- **ZIP:** 12205
- **BUSINESS PHONE:** 518-218-2500

**MAIL ADDRESS:**
- **STREET 1:** 325 WASHINGTON AVENUE EXTENSION
- **CITY:** ALBANY
- **STATE:** NY
- **ZIP:** 12205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MECHANICAL TECHNOLOGY INC
- **DATE OF NAME CHANGE:** 19920703

**Filed Pursuant to Rule 424(b)(3)**

 **Registration No. 333-295051**

 **PROSPECTUS**

**Soluna Holdings, Inc.**

![](form424b3_001.jpg)

**1,350,000 Common Warrants 1 to Purchase Up to 1,350,000 Shares of Common Stock**

**650,000 Common Warrants 2 to Purchase Up to 650,000 Shares of Common Stock**

**700,000 Pre-Funded Warrants to Purchase Up to 700,000 Shares of Common Stock**

**Up to 2,700,000 Shares of Common Stock Underlying the Common Warrants 1, the Common Warrants 2 and the Pre-Funded Warrants**

This prospectus relates to the resale of (i) 1,350,000 common warrants (the "Common Warrants 1") to purchase up to 1,350,000 shares of common stock (the "Common Warrants 1 Shares") of Soluna Holdings, Inc. (the "Company," "we," "our" or "us"), par value $0.001 per share (the "common stock"), (ii) 650,000 common warrants (the "Common Warrants 2" and together with the Common Warrants 1, the "Common Warrants") to purchase up 650,000 shares of common stock (together with the Common Warrants 1 Shares, the "Common Warrant Shares"), (iii) 700,000 pre-funded warrants (the "Pre-Funded Warrants" and together with the Common Warrants, the "Warrants") to purchase up to 700,000 shares of common stock (the "Pre-Funded Warrant Shares" and together with the Common Warrant Shares, the "Warrant Shares"), and (iv) up to 2,000,000 Warrant Shares (together with the Warrants, the "Securities") by the selling securityholder listed in this prospectus (the "Selling Securityholder"). The Warrants were issued to the Selling Securityholder in connection with that certain Consent and Amendment No. 1 to the Credit Agreement and Amendment No. 1 to the Pledge Agreement (the "Amendment"), dated April 1, 2026, by and among Soluna DVSL ComputeCo, LLC, Soluna DVSL II ComputeCo, LLC, Soluna KK I ComputeCo, LLC (collectively, the "Existing Borrowers"), Soluna DV Wind Holdco, LLC (the "Tranche C Borrower" and together with the Existing Borrowers, the "Borrowers"), Generate Lending, LLC, as administrative agent and collateral agent (the "Agent"), and Generate Strategic Credit Master Fund I-A, L.P. (the "Lender") in a private placement offering (the "Private Placement"). For additional information about the Private Placement, see "*Private Placement*."

The Selling Securityholder may, from time to time, sell, transfer or otherwise dispose of any or all of the Securities on any stock exchange, market or trading facility on which the Securities are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices. See "*Plan of Distribution*" in this prospectus for more information. We will not receive any proceeds from the resale or other disposition of the Securities by the Selling Securityholder. However, upon any exercise of the Warrants by payment of cash, we will receive the exercise price of such Warrants. Our registration of the Securities covered by this prospectus does not mean that the Selling Securityholder will offer or sell any of the Securities. See "*Use of Proceeds*" beginning on page 10 and "*Plan of Distribution*" beginning on page 11 of this prospectus for more information.

Our common stock is listed on the Nasdaq Capital Market ("Nasdaq") under the symbol "SLNH". The last reported sale price for our common stock on April 13, 2026 on Nasdaq was $0.9259.

You should read this prospectus, together with the additional information described under the headings "*Incorporation of Certain Information by Reference*" and "*Where You Can Find More Information*," carefully before you invest in any of our securities.

**An investment in our securities involves a high degree of risk. Before deciding whether to invest in our securities, you should consider carefully the risks and uncertainties described in the section captioned "*Risk Factors*" contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission, or the SEC, on March 30, 2026 and our other filings we make with the SEC from time to time, which are incorporated by reference herein in their entirety, together with other information in this prospectus and the information incorporated by reference herein.**

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

The date of this prospectus is April 21, 2026.

**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
|  | Page |
| [ABOUT THIS PROSPECTUS](#Y-001) | 1 |
| [PROSPECTUS SUMMARY](#Y-002) | 2 |
| [THE OFFERING](#Y-003) | 4 |
| [PRIVATE PLACEMENT](#Y-004) | 5 |
| [RISK FACTORS](#Y-005) | 6 |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#Y-006) | 7 |
| [SELLING SECURITYHOLDER](#Y-007) | 8 |
| [USE OF PROCEEDS](#Y-008) | 10 |
| [PLAN OF DISTRIBUTION](#Y-009) | 11 |
| [DESCRIPTION OF SECURITIES](#Y-010) | 13 |
| [LEGAL MATTERS](#Y-011) | 19 |
| [EXPERTS](#Y-012) | 19 |
| [WHERE YOU CAN FIND MORE INFORMATION](#Y-013) | 19 |
| [INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#Y-014) | 20 |

---

i

**ABOUT THIS PROSPECTUS**

This prospectus forms part of a registration statement that we filed with the SEC, and that includes exhibits that provide more detail with respect to the matters discussed in this prospectus. You should read this prospectus and the related exhibits filed with the SEC, together with the additional information described under the headings "*Where You Can Find More Information*" and "*Incorporation of Certain Information by Reference*" before making your investment decision.

You should rely only on the information provided in this prospectus or in a prospectus supplement or any free writing prospectuses or amendments thereto. Neither we, nor the Selling Securityholder, have authorized anyone else to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. You should assume that the information in this prospectus is accurate only as of the date hereof. Our business, financial condition, results of operations and prospects may have changed since that date.

Neither we, nor the Selling Securityholder, are offering to sell or seeking offers to purchase the Securities in any jurisdiction where the offer or sale is not permitted. We have not done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the Securities as to distribution of the prospectus outside of the United States.

**PROSPECTUS SUMMARY**

*The following summary highlights some information from this prospectus. It is not complete and does not contain all of the information that you should consider before making an investment decision. You should read this entire prospectus, including the "Risk Factors" section on page 6 and the disclosures to which that section refers you, the financial statements and related notes and the other more detailed information appearing elsewhere or incorporated by reference into this prospectus before investing in any of the securities described in this prospectus.*

**Corporate Overview**

Our mission is to make renewable energy a global superpower by using computing as a catalyst. We develop, own, and operate digital infrastructure for energy-intensive computing applications by colocating data centers with renewable energy power plants. We refer to this model as Renewable Computing™.

Renewable Computing™ is designed to address two converging market conditions: increasing curtailment of renewable energy generation and growing demand for power-intensive computing applications, including artificial intelligence ("AI"), high-performance computing ("HPC"), and Bitcoin mining. By locating our data centers near renewable generation assets, we seek to convert underutilized energy into economically productive computing capacity.

We utilize two distinct data center designs to serve different computing markets. For our Bitcoin mining and hosting business, we deploy a modular data center design optimized for flexible, large-scale digital asset operations. For AI and HPC workloads, we are developing an AI-ready data center design intended to support higher-density compute environments and customer requirements associated with advanced computing infrastructure.

Our facilities are managed by MaestroOS™ ("MaestroOS"), our proprietary software platform, which analyzes factors such as local power pricing, weather conditions, grid demand, and market signals to optimize operating performance and power consumption across our operating assets.

Our business model is intended to enhance the monetization of renewable generation assets while supporting scalable digital infrastructure growth. We work with renewable energy developers and power partners to access low-cost or otherwise constrained energy resources. Our data centers operate on a behind-the-meter basis, enabling them to draw electricity directly from the co-located renewable power plant and from the grid through the plant's existing interconnection and substation infrastructure. By accessing both sources of power, our facilities are able to meet their energy needs while maintaining operating flexibility. In certain markets, our facilities also participate in demand response programs that support grid reliability.

A key element of our strategy is the colocation of data centers directly with renewable generation assets. By building behind the meter at renewable generation sites, we are able to access both on-site generation and existing grid interconnection infrastructure, which we believe can improve power economics and accelerate development timelines.

With a repeatable development approach and an expanding pipeline of projects, we are seeking to scale a differentiated digital infrastructure platform that supports renewable power utilization, flexible computing capacity, and long-term value creation.

**Implications of Being a Smaller Reporting Company**

We qualify as a "smaller reporting company" under applicable SEC regulations. A smaller reporting company may take advantage of reduced reporting requirements that are otherwise applicable to public companies. These provisions include, but are not limited to:

● being permitted to present only two years of audited financial statements and only two years of related "Management's Discussion and Analysis of Financial Condition and Results of Operations" disclosure in our periodic reports and registration statements, including this prospectus, and reduced disclosure about our executive compensation arrangements;

● not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, as amended, on the effectiveness of our internal controls over financial reporting; and

● reduced disclosure obligations regarding executive compensation arrangements in our periodic reports, proxy statements and registration statements, including this prospectus.

We will continue to be a smaller reporting company as long as we have a public float (determined as of the end of our second fiscal quarter) of less than $250 million or have annual revenues of less than $100 million as of the last fiscal year for which we have audited financial statements and a public float of less than $700 million.

We have elected to take advantage of certain of the reduced disclosure obligations in the registration statement of which this prospectus is a part and may elect to take advantage of other reduced reporting requirements in future filings. As a result, the information that we provide to our stockholders may be different than you might receive from other public reporting companies in which you hold equity interests.

**Corporate Information**

Soluna Holdings, Inc. ("SHI"), formerly known as Mechanical Technology, Incorporated, which was originally incorporated in the State of New York in 1961, reincorporated in the State of Nevada on March 29, 2021, and is headquartered in Albany, New York. Effective November 2, 2021, the Company changed its name from "Mechanical Technology, Incorporated" (or "MTI") to "Soluna Holdings, Inc." On October 29, 2021, Soluna Callisto Holdings, Inc. merged into Soluna Computing, Inc. ("SCI"), a private green data center development company and a subsidiary of SHI. MTI Instruments, Inc., a subsidiary of SHI, was sold on April 11, 2022. On March 23, 2021, our common stock commenced trading on the Nasdaq. We formed a wholly owned subsidiary of SHI on December 27, 2023, SDI. Effective December 31, 2023, SCI transferred substantially all of its assets to SHI or its subsidiaries, including SDI.

Our principal executive office is located at 325 Washington Avenue Extension, Albany, NY 12205, and our phone number is (516) 216-9257. Our principal website address is *www.solunacomputing.com*.

Information contained in, or accessible through, our website does not constitute part of this prospectus or registration statement and inclusions of our website address in this prospectus or registration statement are inactive textual references only. You should not rely on any such information in making your decision whether to purchase our securities.

We make available free of charge on or through our website access to press releases and investor presentations, as well as all materials that we file electronically with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act of 1934, as amended (the "Exchange Act"), as soon as reasonably practicable after electronically filing such materials with, or furnishing them to, the SEC. The SEC maintains an Internet website, www.sec.gov, that contains reports, proxy and information statements and other information that we file electronically with the SEC.

**THE OFFERING**

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| | |
|:---|:---|
| **Common Warrants 1 Offered by the Selling Securityholder** | 1,350,000 Common Warrants 1 to purchase up to 1,350,000 shares of common stock. The Common Warrants 1 have an exercise price of $0.68 per share of common stock, became exercisable upon issuance, and will expire five years from the date of issuance. |
| **Common Warrants 2 Offered by the Selling Securityholder** | 650,000 Common Warrants 2 to purchase up to 650,000 shares of common stock. The Common Warrants 2 have an exercise price of $0.75 per share of common stock, became exercisable upon issuance, and will expire five years from the date of issuance. |
| **Pre-Funded Warrants Offered by the Selling Securityholder** | 700,000 Pre-Funded Warrants to purchase up to 700,000 shares of common stock. The Pre-Funded Warrants have an exercise price of $0.0001 per share of common stock, became exercisable upon issuance, and will expire five years from the date of issuance. |
| **Common Stock Offered by the Selling Securityholder** | Up to 2,700, 0000 Warrant Shares issuable upon exercise of the Warrants. |
| **Use of Proceeds** | We will not receive any proceeds from the Securities offered by the Selling Securityholder pursuant to this prospectus. However, upon any exercise of the Warrants by payment of cash, we will receive the exercise price of such Warrants. Please see the section entitled "*Use of Proceeds*" on page 10 of this prospectus for a more detailed discussion. |
| **National Securities Exchange Listing** | Our common stock is currently listed on the Nasdaq Capital Market under the symbol "SLNH." |
| **Risk Factors** | An investment in our securities involves a high degree of risk. Please see the section entitled "*Risk Factors*" beginning on page 6 of this prospectus. In addition before deciding whether to invest in our securities, you should consider carefully the risks and uncertainties described in the section captioned "*Risk Factors*" contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on March 30, 2026, and other filings we make with the SEC from time to time, which are incorporated by reference herein in their entirety, together with other information in this prospectus and the information incorporated by reference herein. |

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When we refer to the Selling Securityholder in this prospectus, we are referring to the Selling Securityholder identified in this prospectus and, as applicable, its permitted transferees, or other successors-in-interest that may be identified in a supplement to this prospectus or, if required, a post-effective amendment to the registration statement of which this prospectus is a part.

The above discussion and table are based on 113,181,690 shares of our common stock outstanding as of April 6, 2026, and excludes:

● 2,565 shares of our common stock issuable upon the exercise of options outstanding at a weighted average exercise price of $21.53 per share;

● $2,452,730 shares of our common stock underlying restricted stock units;

● 5,957,291 shares of our common stock issuable upon conversion of our Series B Convertible Preferred Stock, par value $0.001 per share (the "Series B Preferred Stock"); and

● 25,149,840 shares of our common stock issuable upon the exercise of outstanding warrants, including pre-funded warrants, at a weighted average exercise price of $1.77 per share.

As of April 6, 2026, we had 4,920,045 shares of our 9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share (the "Series A Preferred Stock"), issued and outstanding, and 57,190 shares of our Series B Preferred Stock issued and outstanding.

**PRIVATE PLACEMENT**

As previously disclosed, on September 12, 2025, the Existing Borrowers, Agent and Lender entered into a Credit and Guaranty Agreement (the "Credit Agreement"). The Credit Agreement provides for senior secured term loan commitments in an aggregate principal amount of up to $35.5 million, comprised of (i) Tranche A-1 ($5.5 million), (ii) Tranche A-3 ($11.5 million), and (iii) Tranche B ($18.5 million). In addition, the Credit Agreement permits the Existing Borrowers to request one or more Additional Tranche Loan Commitments (as defined in the Credit Agreement), in the aggregate amount of up to $64.5 million, subject to the approval of the Lender and the Agent, for project-level financing of eligible projects.

On April 1, 2026, the Company caused the Borrowers to enter into the Amendment with the Agent and the Lender. The Amendment became effective on April 1, 2026. Under the Credit Agreement, as amended by the Amendment (the "Amended Credit Agreement"): (i) Tranche A-1 and Tranche A-3 loan commitments finance the Dorothy 1A Project and the Dorothy 2 Project, respectively; and (ii) Tranche B loan commitments finance the development and construction of the Kati Project. Among other changes, the Amendment: (i) adds the Tranche C Borrower as a new borrower and guarantor; (ii) establishes Tranche C loan commitments of $12.5 million to finance the acquisition of one hundred percent (100%) of the issued and outstanding equity interests in Briscoe Wind Farm, LLC (the "Briscoe Project Company"), which owns an approximately 149.85 MW nameplate capacity wind generation project located in Briscoe and Floyd counties, Texas; (iii) adds the Briscoe Project Company as a guarantor following the acquisition; and (iv) includes the Briscoe Project as a new project under the Amended Credit Agreement.

In connection with the Amended Credit Agreement, on April 1, 2026, the Company issued the Selling Securityholder in the Private Placement: (i) 700,000 Pre-Funded Warrants to purchase up to 700,000 shares of common stock, (ii) 1,350,000 Common Warrants 1 to purchase up to 1,350,000 shares of common stock, and (iii) 650,000 Common Warrants 2 to purchase up to 650,000 shares of common stock. The Warrants issued to the Selling Securityholder in the Private Placement were issued, and the Warrant Shares will be issued, without registration under the Securities Act of 1933, as amended (the "Securities Act"), or state securities laws in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act promulgated thereunder and in reliance on similar exemptions under applicable state laws. For additional information regarding the terms of the Warrants, see "*Description of Securities*".

Also in connection with the Amended Credit Agreement, on April 1, 2026, the Company amended and restated the registration rights agreement previously entered into with the Selling Securityholder on September 12, 2025 (as amended and restated, the "Amended and Restated Registration Rights Agreement"), pursuant to which the Company agreed to file one or more registration statements on Form S-3 covering the resale or other disposition of the Warrants and the Warrant Shares. Pursuant to the Amended and Restated Registration Rights Agreement, the Company has, among other things, agreed to: (i) file a registration statement covering the Warrants and the Warrant Shares no later than fifteen (15) days after the date the Company entered into the Amended and Restated Registration Rights Agreement (the "Filing Date"), (ii) cause such registration statement to be declared effective under the Securities Act as soon as reasonably practicable but, in any event, no later than seventy-five (75) days after the Filing Date (or thirty (30) days if the SEC does not review such registration statement), and (iii) use its best efforts to keep any such registration statement continuously effective until (a) the date that all of the Warrants and Warrant Shares have been publicly sold by the Selling Securityholder, (b) the date that all of the Warrants and Warrant Shares have been previously sold in accordance with Rule 144, (c) such time as both (x) all of such Warrants and Warrant Shares may be sold by the Selling Securityholder without any restriction pursuant to Rule 144, including holding period, volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144, and (y) the Selling Securityholder, together with its affiliates, holds less than 3.0% of the Company's then outstanding shares of common stock, or (d) five (5) years from the effective date of the first registration statement filed with the SEC registering for resale the Warrants and the Warrant Shares. We have filed the Registration Statement of which this prospectus forms a part pursuant to the Amended and Restated Registration Rights Agreement.

**RISK FACTORS**

*Before purchasing any of the securities you should carefully consider the risk factors incorporated by reference in this prospectus from our most recent Annual Report on Form 10-K and any subsequent updates described in our Quarterly Reports on Form 10-Q. For a description of these reports and information about where you can find them, see "Additional Information" and "Incorporation of Certain Information By Reference." Additional risks not presently known or that we presently consider to be immaterial could subsequently materially and adversely affect our financial condition, results of operations, business and prospects.*

**Risks Related to This Offering**

***There is no public market for the Warrants being offered in this offering.***

There is no established public trading market for the Warrants being offered in this offering, and we do not expect a market to develop. In addition, we do not intend to apply to list the Warrants on any securities exchange or nationally recognized trading system. Without an active market, the liquidity of the Warrants will be limited.

***The holder of the Warrants purchased in this offering will have no rights as a holder of common stock until such holder exercises such Warrants and acquires our common stock.***

Until the holder of the Warrants acquires shares of our common stock upon exercise of such Warrants, the holder will have no rights with respect to the shares of our common stock underlying such Warrants. Upon exercise of the Warrants, the holder will be entitled to exercise the rights of a holder of common stock only as to matters for which the record date occurs after the exercise date. Notwithstanding the foregoing, the holder of the Warrants may be entitled to dividends or other distributions of the Company's assets made to the holders of common stock in limited circumstances (the "Distribution Rights").

***The Warrants being offered are speculative in nature.***

Notwithstanding the Distribution Rights, the Warrants do not confer any rights of common stock ownership on its holder, such as voting rights, but rather merely represents the right to acquire shares of common stock at a fixed price for a limited period of time. Moreover, following this offering, the market value of the Warrants, if any, will be uncertain and there can be no assurance that the market value of the Warrants will equal or exceed its imputed offering price. The Warrants will not be listed or quoted for trading on any market or exchange. There can be no assurance that the market price of our common stock will ever equal or exceed the exercise price of the Warrants, and consequently, the Warrants may expire valueless.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus and the documents incorporated by reference in this prospectus contain, and our officers and representatives may from time to time make, forward-looking statements that involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "estimate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions intended to identify statements about the future. These statements speak only as of the date of this prospectus and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements include, without limitation, statements about the following:

● the availability of financing opportunities, risks associated with economic conditions, dependence on management and conflicts of interest;

● the ability to service debt obligations and maintain flexibility in respect of debt covenants;

● economic dependence on regulated terms of service and electricity rates;

● the speculative and competitive nature of the technology sector;

● our ability to attract and retain hosted customers for our hosting operations;

● dependency in continued growth in blockchain and cryptocurrency usage;

● lawsuits and other legal proceedings and challenges;

● conflict of interests with directors and management;

● government regulations;

● our ability to construct and complete the anticipated expansion of our data centers;

● the impact of global economic and market conditions and political developments on our business, including, among others, tariffs, rising inflation and capital market disruptions, economic sanctions, bank failures, regional conflicts around the world, and economic slowdowns or recessions that may result from such developments which could harm our research and development efforts as well as the value of our common stock and our ability to access capital markets; and

● other risks and uncertainties.

The foregoing does not represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein and in the documents incorporated by reference herein or risk factors that we are faced with that may cause our actual results to differ from those anticipate in our forward-looking statements. Factors that may affect our results include, but are not limited to, the risks and uncertainties discussed in the "*Risk Factors*" section on page 6 of this prospectus, in our Annual Report on Form 10-K or in other reports we file with the SEC.

Moreover, new risks regularly emerge, and it is not possible for our management to predict or articulate all risks we face, nor can we assess the impact of all risks on our business or the extent to which any risk, or combination of risks, may cause actual results to differ from those contained in any forward-looking statements. The Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act do not protect any forward-looking statements that we make in connection with this offering. All forward-looking statements included in this prospectus and in the documents incorporated by reference in this prospectus are based on information available to us on the date of this prospectus or the date of the applicable document incorporated by reference. Except to the extent required by applicable laws or rules, we undertake no obligation to publicly update or revise any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained above and throughout this prospectus and in the documents incorporated by reference in this prospectus. We qualify all of our forward-looking statements by these cautionary statements. We have expressed our expectations, beliefs and projections in good faith and believe they have a reasonable basis. However, we cannot assure you that our expectations, beliefs or projections will result or be achieved or accomplished.

You should rely only on the information in this prospectus. We have not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely upon it.

**SELLING SECURITYHOLDER**

This prospectus covers the resale or other disposition by the Selling Securityholder identified in the table below of (i) 1,350,000 Common Warrants 1 to purchase up to 1,350,000 shares of common stock; (ii) 650,000 Common Warrants 2 to purchase up to 650,000 shares of common stock; (iii) 700,000 Pre-Funded Warrants to purchase up to 700,000 shares of common stock; and (iv) 2,700,000 Warrant Shares issuable upon exercise of the Warrants. For additional information regarding the Securities included in this prospectus, see the section titled "*Private Placement*." We are registering the Securities included in this prospectus in order to permit the Selling Securityholder to offer such Securities for resale from time to time. The term "Selling Securityholder" includes the securityholder listed in the table below and its permitted transferees.

The Warrants held by the Selling Securityholder contain limitations which prevent the Selling Securityholder from exercising any such Warrants if such exercise would cause the Selling Securityholder, together with certain related parties, to beneficially own a number of shares of common stock which would exceed 9.99% of our then outstanding shares of common stock following such exercise, excluding for purposes of such determination, shares of common stock issuable upon exercise of the Warrants which have not been exercised.

The table below sets forth, as of April 8, 2026, the following information regarding the Selling Securityholder:

● the name of the Selling Securityholder;

● the number of shares of common stock and Warrants owned by the Selling Securityholder prior to this offering, without regard to any limitations on exercises;

● the number of shares of common stock and Warrants to be offered by the Selling Securityholder in this offering;

● the number of shares of common stock and Warrants to be owned by the Selling Securityholder assuming the sale of all of the Warrant Shares and Warrants covered by this prospectus; and

● the percentage of our issued and outstanding shares of common stock and Warrants to be owned by the Selling Securityholder assuming the sale of all of the Warrant Shares and Warrants covered by this prospectus, based on the number of shares of our common stock and Warrants issued and outstanding as of April 6, 2026.

Except as described otherwise, the number of shares of common stock and Warrants beneficially owned by the Selling Securityholder has been determined in accordance with Rule 13d-3 under the Exchange Act and includes, for such purpose, shares of common stock and Warrants that the Selling Securityholder has the right to acquire within 60 days of April 8, 2026.

All information with respect to the common stock ownership of the Selling Securityholder has been furnished by or on behalf of the Selling Securityholder. We believe, based on information supplied by the Selling Securityholder, that except as may otherwise be indicated in the footnotes to the table below, the Selling Securityholder has sole voting and dispositive power with respect to the shares of common stock and Warrants reported as beneficially owned by the Selling Securityholder. Because the Selling Securityholder identified in the table may sell some or all of the shares of common stock or Warrants beneficially owned by it and covered by this prospectus, and because there are currently no agreements, arrangements or understandings with respect to the sale of any of the shares of common stock or Warrants, no estimate can be given as to the number of shares of common stock or Warrants available for resale hereby that will be held by the Selling Securityholder upon termination of this offering. In addition, the Selling Securityholder may have sold, transferred or otherwise disposed of, or may sell, transfer or otherwise dispose of, at any time and from time to time, the shares of common stock or Warrants it beneficially owns in transactions exempt from the registration requirements of the Securities Act after the date on which it provides the information set forth in the table below. We have, therefore, assumed for the purposes of the following table, that the Selling Securityholder will sell all of the shares of common stock and Warrants owned beneficially by it that are covered by this prospectus, but will not sell any other shares of common stock or Warrants that it presently owns. Except in connection with the transactions contemplated by the Amendment, Amended Credit Agreement and ownership of the Warrants and Initial Warrants (as defined below), neither the Selling Securityholder, nor any persons (entities or natural persons) who have control over the Selling Securityholder, have held any position or office, or have otherwise had any material relationship with us or any of our subsidiaries within the past three years.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Beneficial Ownership**<br> **Before This Offering** | **Beneficial Ownership**<br> **Before This Offering** | | | **Beneficial Ownership After This Offering** | **Beneficial Ownership After This Offering** | **Beneficial Ownership After This Offering** | **Beneficial Ownership After This Offering** |
| <br>**Selling Securityholder** | **Number of**<br> **Shares**<br> **Beneficially**<br> **Owned** | **Number of**<br> **Warrants**<br> **Beneficially**<br> **Owned** |<br>**Shares to**<br> **be Sold**<br> **in the**<br> **Offering** |<br>**Warrants**<br> **to be Sold**<br> **in the**<br> **Offering** | **Number of** <br> **Shares** <br> **Beneficially** <br> **Owned<sup>(6)</sup>** | **Percentage of** <br> **Outstanding** <br> **Shares** | **Number of** <br> **Warrants**<br> **Beneficially** <br> **Owned<sup>(6)</sup>** | **Percentage of** <br> **Outstanding** <br> **Warrants**  |
| Generate Strategic Credit Master Fund I-B, L.P. <sup>(1)</sup> | 6699886<sup>(2)</sup> | 4700000<sup>(3)</sup> | 2700000<sup>(4)</sup> | 2700000<sup>(5)</sup> | 1999886 | 1.7 | 2000000 | 100 |

---

(1) Generate
 Strategic Credit Master Fund I-B, L.P. is the record holder of the Warrants. Generate Strategic Credit Fund GP, L.P. is the general
 partner of Generate Strategic Credit Master Fund I-B, L.P., GCP Holdings I, LLC is the general partner of Generate Strategic Credit
 Fund GP, L.P. and Generate Capital, PBC is the sole member of GCP Holdings I, LLC. As result of these relationships, each of these
 entities may be deemed to have or share beneficial ownership of the Securities held of record by Generate Strategic Credit Master
 Fund I-B, L.P.

(2) Consists
 of (i) 2,700,000 Warrant Shares issuable upon the exercise of the Warrants, (ii) 2,000,000 shares of common stock issuable upon exercise
 of common warrants issued to the Selling Securityholder on September 12, 2025 (the "Initial Warrants") and (iii)
 1,999,886 shares of common stock held directly by the Selling Securityholder. The actual number of shares that may be acquired by
 the Selling Securityholder is not currently known. The shares of common stock issuable upon exercise of the Warrants and the Initial
 Warrants are subject to a beneficial ownership limitation of 9.99%, which limitation restricts the Selling Securityholder from exercising
 that portion of the Warrants or Initial Warrants that would result in the Selling Securityholder and its affiliates owning upon such
 exercise a number of shares of our common stock in excess of the beneficial ownership limitation of 9.99%.

(3) Consists
 of (i) the 2,700,000 Warrants issued in the Private Placement and (ii) 2,000,000 Initial Warrants.

(4) Consists
 of the Warrant Shares issuable upon exercise of the Warrants. The actual number of shares that may be acquired by the Selling Securityholder
 is not currently known. The shares of common stock issuable upon exercise of the Warrants are subject to a beneficial ownership limitation
 of 9.99%, which limitation restricts the Selling Securityholder from exercising that portion of the Warrants that would result in
 the Selling Securityholder and its affiliates owning upon such exercise a number of shares of our common stock in excess of the beneficial
 ownership limitation of 9.99%.

(5) Consists
 of the Warrants issued in the Private Placement.

(6) Assumes
 the sale of all Securities offered by the Selling Securityholder pursuant to this prospectus.

**USE OF PROCEEDS**

The Securities to be offered and sold using this prospectus will be offered and sold by the Selling Securityholder named in this prospectus. Accordingly, we will not receive any proceeds from any sale of the Securities in this offering. However, upon any exercise of the Warrants by payment of cash, we will receive the exercise price of such Warrants. We will pay all of the fees and expenses incurred by us in connection with this registration.

**PLAN OF DISTRIBUTION**

The Selling Securityholder and any of its pledgees, donees, transferees, assignees and successors in-interest may, from time to time, sell any or all of the Securities on any stock exchange, market or trading facility on which the Securities are traded or quoted or in private transactions. These sales may be at fixed or negotiated prices. The Selling Securityholder may use any one or more of the following methods when selling Securities:

● ordinary brokerage transactions and transactions in which the broker-dealer solicits investors;

● with respect to the Warrant Shares, on the Nasdaq or any national securities exchange or quotation service on which shares of our common stock may be listed or quoted at the time of sale;

● block trades in which the broker-dealer will attempt to sell the Securities 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;

● distribution of the securities by the Selling Securityholder to its partners, members, equityholders or creditors;

● underwritten offerings;

● in "at the market" offerings, as defined in Rule 415 under the Securities Act, at negotiated prices, at prices prevailing at the time of sale, or at prices related to such prevailing market prices, including sales made directly on a national securities exchange or sales made through a market maker other than on an exchange or other similar offerings through sales agents;

● an exchange distribution in accordance with the rules of the applicable exchange;

● privately negotiated transactions;

● through the writing or settlement of options on the Securities, swaps or other derivatives transactions, whether through an options or derivatives exchange or otherwise;

● through put or call transactions relating to the Securities;

● pledges of the Securities as security for any loan or obligation, including pledges to brokers or dealers who may from time to time effect distributions of the Securities;

● to cover short sales made after the date that this registration statement is declared effective by the SEC;

● broker-dealers may agree with the Selling Securityholder to sell a specified number of such Securities at a stipulated price per Security;

● sales in other ways not involving market makers or established trading markets, including direct sales to institutions or individual purchasers;

● a combination of any such methods of sale; and

● any other method permitted by applicable law.

The Selling Securityholder may also sell Securities under Rule 144 promulgated under the Securities Act or another exemption, if available, rather than under this prospectus. The Selling Securityholder shall have the sole and absolute discretion not to accept any purchase offer or make any sale of Securities if it deems the purchase price to be unsatisfactory at any particular time.

The Selling Securityholder or its respective pledgees, donees, transferees or other successors in interest, may also sell the Securities directly to market makers acting as principals and/or broker-dealers acting as agents for themselves or their customers. Such broker-dealers may receive compensation in the form of discounts, concessions or commissions from the Selling Securityholder and/or the purchasers of Securities for whom such broker-dealers may act as agents or to whom they sell as principal or both, which compensation as to a particular broker-dealer might be in excess of customary commissions. Market makers and block purchasers purchasing the Securities will do so for their own account and at their own risk. It is possible that the Selling Securityholder will attempt to sell Securities in block transactions to market makers or other purchasers at a price per share which may be below the then existing market price. We cannot assure that all or any of the Securities offered in this prospectus will be issued to, or sold by, the Selling Securityholder. The Selling Securityholder and any brokers, dealers or agents, upon effecting the sale of any of the Securities offered in this prospectus, may be deemed to be "underwriters" as that term is defined under the Securities Act, the Exchange Act and the rules and regulations of such acts. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the Securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.

We are required to pay all fees and expenses incident to the registration of the Securities, but excluding brokerage commissions or underwriter discounts.

The Selling Securityholder, alternatively, may sell all or any part of the Securities offered in this prospectus through an underwriter. The Selling Securityholder has not entered into any agreement with a prospective underwriter and there is no assurance that any such agreement will be entered into.

The Selling Securityholder may pledge its Securities to its brokers under the margin provisions of customer agreements. If the Selling Securityholder defaults on a margin loan, the broker may, from time to time, offer and sell the pledged Securities. The Selling Securityholder and any other persons participating in the sale or distribution of the Securities will be subject to applicable provisions of the Exchange Act, and the rules and regulations under such act, including, without limitation, Regulation M. These provisions may restrict certain activities of, and limit the timing of purchases and sales of any of the Securities by, the Selling Securityholder or any other such person. In the event that the Selling Securityholder is deemed an affiliated purchaser or distribution participant within the meaning of Regulation M, then the Selling Securityholder will not be permitted to engage in short sales of common stock. Furthermore, under Regulation M, persons engaged in a distribution of securities are prohibited from simultaneously engaging in market making and certain other activities with respect to such securities for a specified period of time prior to the commencement of such distributions, subject to specified exceptions or exemptions. In addition, if a short sale is deemed to be a stabilizing activity, then the Selling Securityholder will not be permitted to engage in a short sale of our common stock. All of these limitations may affect the marketability of the Securities.

If the Selling Securityholder notifies us that it has a material arrangement with a broker-dealer for the resale of the Securities, then we would be required to amend the registration statement of which this prospectus is a part, and file a prospectus supplement to describe the agreements between the Selling Securityholder and the broker-dealer.

We cannot assure you that the Selling Securityholder will sell all or any portion of the Securities registered pursuant to this Registration Statement. The Selling Securityholder may have agreements with underwriters, dealers and agents to indemnify it against certain civil liabilities, including liabilities under the Securities Act, and to reimburse it for certain expenses.

**DESCRIPTION OF SECURITIES**

*The following summary of the rights of our capital stock is not complete and is subject to and qualified in its entirety by reference to our Articles of Incorporation, as amended (the "Articles of Incorporation") and our Bylaws (the "Bylaws"), copies of which are filed as exhibits to the registration statement of which this prospectus forms a part.*

We have authorized capital stock consisting of 375,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share, of which 6,040,000 shares have been designated as shares of Series A Preferred Stock and 187,500 have been designated as Series B Preferred Stock, as of April 14, 2026. Unless stated otherwise, the following discussion summarizes the terms and provisions of our Articles of Incorporation and our Bylaws. This description is summarized from, and qualified in its entirety by reference to, our Articles of Incorporation and our Bylaws, which are filed as exhibits to the registration statement of which this prospectus forms a part, and the applicable provisions of the Nevada Revised Statutes, as amended (the "NRS"). For a description of the terms of our preferred stock, see Exhibit 4.8 to our Annual Report on Form 10-K, filed with the SEC on March 30, 2026.

**Common Stock**

*Voting rights*

The holders of our common stock are entitled to one vote per share held on all matters on which a vote of our common stockholders is taken. Stockholders do not have cumulative voting rights in the election of directors. The election of directors of the Company is decided by plurality vote and all other questions are decided by a majority of the votes cast by our stockholders present in person or by proxy, except as otherwise required by the NRS or our Articles of Incorporation. Our Articles of Incorporation provide that notwithstanding any other provision of our Articles of Incorporation or our Bylaws (and notwithstanding the fact that some lesser percentage may be specified by law, the Articles of Incorporation, or the Bylaws), any director or the entire Board of Directors of the Company (the "Board") may be removed at any time, but only for cause upon the affirmative vote of 75% or more of the outstanding shares of capital stock entitled to vote for the election of directors at a meeting called for that purpose.

The Board is divided into three classes, with each class consisting, as nearly as may be possible, of one-third of the total number of directors, with the terms of the classes scheduled to expire in successive years. At each annual meeting of the Company's stockholders, the stockholders elect the members of a single class of directors for three-year terms.

*Dividends* 

The holders of our common stock are entitled to receive dividends when, as, and if declared by the Board, out of funds legally available therefor.

*Liquidation*

Except as otherwise provided under our Articles of Incorporation (including the terms of any preferred stock), upon liquidation, dissolution, or the winding up of the Company, holders of our common stock are entitled to receive any remaining assets of the Company in proportion to the respective number of shares held after payment of and reservation for Company liabilities.

*Preemptive Rights*

The holders of shares of our common stock do not have any preemptive right to subscribe for or purchase any shares of any class or series of our capital stock.

*Redemption Rights*

Shares of our common stock are not subject to redemption by the Company. To the extent that the Company issues additional shares of common stock, the relative interest in the Company of existing stockholders will likely be diluted.

**Anti-Takeover Effects of Certain Provisions of Our Articles of Incorporation and Bylaws, and Nevada Law**

Our Articles of Incorporation and Bylaws contain provisions and terms that may delay, defer, or prevent a tender offer or change in control of the Company that a stockholder might consider to be in his, her, or its best interests, including attempts that might result in a premium being paid over the market price for shares of our common stock. The Company expects that such provisions and terms may have the effect of discouraging extraordinary corporate transactions with respect to the Company, such as hostile takeover bids, and will instead encourage any potential acquiror of the Company to first correspond with our Board. These provisions and terms include:

● Special meetings of stockholders may only be called by the by the chairman of the board or the chief executive officer, or, if there be no chairman of the board and no chief executive officer, by the president, and shall be called by the secretary upon the written request of at least a majority of the Board or the holders of not less than a majority of the voting power of the Company's stock entitled to vote.

● The Company maintains a classified Board that is divided into three classes serving for respective three-year terms. As a result, it would take at least two successive annual meetings of shareholders to replace a majority of the members of our Board.

● Vacancies on the Board may be filled by majority vote of remaining directors then in office, even if less than a quorum, with the individual elected to serve for the remainder of the unexpired term.

● Any director of the Company may be removed from service as a director only after the affirmative vote of 75% or more of outstanding shares of stock entitled to vote for the election of directors, at a meeting called for that purpose.

Nevada's "combinations with interested stockholders" statutes, NRS 78.411 through 78.444, inclusive, prohibit specified types of business "combinations" between certain Nevada corporations and any person deemed to be an "interested stockholder" for two years after such person first becomes an "interested stockholder" unless the corporation's board of directors approves the combination (or the transaction by which such person becomes an "interested stockholder") in advance, or unless the combination is approved by the board of directors and sixty percent of the corporation's voting power not beneficially owned by the interested stockholder, its affiliates and associates. Further, in the absence of prior approval certain restrictions may apply even after such two year period. However, these statutes do not apply to any combination of a corporation and an interested stockholder after the expiration of four years after the person first became an interested stockholder. For purposes of these statutes, an "interested stockholder" is any person who is (1) the beneficial owner, directly or indirectly, of ten percent or more of the voting power of the outstanding voting shares of the corporation, or (2) an affiliate or associate of the corporation and at any time within the two previous years was the beneficial owner, directly or indirectly, of ten percent or more of the voting power of the then outstanding shares of the corporation. The definition of the term "combination" is sufficiently broad to cover most significant transactions between a corporation and an "interested stockholder." These statutes generally apply to Nevada corporations with 200 or more stockholders of record. However, a Nevada corporation may elect in its articles of incorporation not to be governed by these particular laws, but if such election is not made in the corporation's original articles of incorporation, the amendment (1) must be approved by the affirmative vote of the holders of stock representing a majority of the outstanding voting power of the corporation not beneficially owned by interested stockholders or their affiliates and associates, and (2) is not effective until 18 months after the vote approving the amendment and does not apply to any combination with a person who first became an interested stockholder on or before the effective date of the amendment. We made an election to opt out of these statutes in our original articles of incorporation and have not amended such provision.

Nevada's "acquisition of controlling interest" statutes (NRS 78.378 through 78.3793, inclusive) contain provisions governing the acquisition of a controlling interest in certain Nevada corporations. These "control share" laws provide generally that any person that acquires a "controlling interest" in certain Nevada corporations may be denied voting rights, unless a majority of the disinterested stockholders of the corporation elect to restore such voting rights. These laws will apply to us as of a particular date if we were to have 200 or more stockholders of record (at least 100 of whom have addresses in Nevada appearing on our stock ledger at all times during the 90 days immediately preceding that date) and do business in the State of Nevada directly or through an affiliated corporation, unless our Articles of Incorporation or Bylaws in effect on the tenth day after the acquisition of a controlling interest provide otherwise. These laws provide that a person acquires a "controlling interest" whenever a person acquires shares of a subject corporation that, but for the application of these provisions of the NRS, would enable that person to exercise (1) one-fifth or more, but less than one-third, (2) one-third or more, but less than a majority, or (3) a majority or more of all of the voting power of the corporation in the election of directors. Once an acquirer crosses one of these thresholds, shares which it acquired in the transaction taking it over the threshold and within the 90 days immediately preceding the date when the acquiring person acquired or offered to acquire a controlling interest become "control shares" to which the voting restrictions described above apply. These laws may have a chilling effect on certain transactions if our Articles of Incorporation or Bylaws are not timely amended to provide that these provisions do not apply to us or to an acquisition of a controlling interest, or if our disinterested stockholders do not confer voting rights in the control shares.

Further, NRS 78.139 provides that directors may resist a change or potential change in control of a corporation if the board of directors determines that the change or potential change in control is opposed to or not in the best interest of the corporation upon consideration of any relevant facts, circumstances, contingencies or constituencies pursuant to NRS 78.138(4).

We expect the existence of these provisions may have an anti-takeover effect with respect to transactions that our Board does not approve in advance and could result in making it more difficult to accomplish transactions that our stockholders may see as beneficial such as (i) discouraging business combinations that might result in a premium over the market price for the shares of our common stock; (ii) discouraging hostile takeovers which could inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile takeover attempts; and (iii) preventing changes in our management.

**Transfer Agent and Registrar**

The transfer agent and registrar for our common stock is Equiniti Trust Company, LLC (the "Transfer Agent") (formerly: American Stock Transfer & Trust Company, LLC). The Transfer Agent's address is 48 Wall Street, 23rd Floor, New York, NY 10005.

**National Securities Exchange Listing**

Our common stock is currently listed on Nasdaq under the symbol "SLNH."

**Common Warrants**

The following summary of certain terms and provisions of the Common Warrants that are being registered hereby is not complete and is subject to, and qualified in its entirety by, the provisions of the Common Warrants, the forms of which are filed as an exhibit to the registration statement of which this prospectus forms a part. Prospective investors should carefully review the terms and provisions of the forms of Common Warrants for a complete description of the terms and conditions of the Common Warrants. The Common Warrants are identical except with regard to their exercise price.

*Duration and Exercise Price*

Each Common Warrant 1 offered hereby has an initial exercise price per share equal to $0.68 per share and each Common Warrant 2 offered hereby has an initial exercise price per share equal to $0.75 per share. The Common Warrants became exercisable immediately upon issuance and will expire five years from the date of issuance. The exercise price and number of shares of common stock issuable upon exercise is subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our common stock and the exercise price.

*Exercisability*

The Common Warrants are exercisable, at the option of the holder, in whole or in part, by delivering a duly executed exercise notice accompanied by payment in full for the number of shares of our common stock purchased upon such exercise at any time a registration statement registering the resale or other disposition of the shares of common stock underlying the Common Warrants under the Securities Act is effective and available for such shares, or an exemption from registration under the Securities Act is available for such shares (except in the case of a cashless exercise as discussed below). Except as agreed with the holder of the Common Warrants, the holder (together with its affiliates) may not exercise any portion of the Common Warrants to the extent that the holder would own more than 9.99% of the outstanding common stock immediately after exercise, except that upon at least 61 days' prior notice from the holder to us, the holder may increase the beneficial ownership limitation to a percentage not to exceed 9.99%.

*Cashless Exercise*

If at any time after the six (6) month anniversary of the issuance date, there is no effective registration statement registering, or the prospectus contained therein is not available for the resale of the Common Warrant Shares by the holder, the Common Warrants may also be exercised, in whole or in part and at the sole discretion of the holder, at such time by means of a "cashless exercise" in which the holder shall be entitled to receive upon such exercise a number of shares of common stock equal to the quotient obtained according to a formula set forth in the Common Warrants.

*Fundamental Transaction*

In the event of a fundamental transaction, as described in the Common Warrants and generally including any reorganization, recapitalization or reclassification of our common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding common stock, or any person or group becoming the beneficial owner of more than 50% of the voting power represented by our outstanding common stock, the holder of the Common Warrants will be entitled to receive upon exercise of the Common Warrants the kind and amount of securities, cash or other property that the holder would have received had it exercised the Common Warrants immediately prior to such fundamental transaction.

*Transferability*

Subject to applicable laws, the Common Warrants may be transferred at the option of the holder upon surrender of the Common Warrants together with the appropriate instruments of transfer and funds sufficient to pay any transfer taxes payable upon such transfer.

*Fractional Shares*.

No fractional shares of common stock will be issued upon the exercise of the Common Warrants. Rather, the number of shares of common stock to be issued will, at our election, either be rounded up to the nearest whole number or we will pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the exercise price.

*Amendments*.

No term of a Common Warrant may be amended or waived without the written consent of the Company and the holder of such Common Warrant.

*Exchange Listing*

We do not intend to list the Common Warrants on any securities exchange or nationally recognized trading system.

*Rights as a Stockholder*

Except as otherwise provided in the Common Warrants or by virtue of the holder's ownership of shares of our common stock, the holder of the Common Warrants does not have the rights or privileges of holders of our common stock, including any voting rights, until they exercise the Common Warrants.

**Pre-Funded Warrants**

The following summary of certain terms and provisions of the Pre-Funded Warrants that is being registered hereby is not complete and is subject to, and qualified in its entirety by, the provisions of the Pre-Funded Warrants, the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part. Prospective investors should carefully review the terms and provisions of the form of Pre-Funded Warrant for a complete description of the terms and conditions of the Pre-Funded Warrants.

*Duration and Exercise Price*

The Pre-Funded Warrants offered hereby have an initial exercise price per share of $0.0001 per share. The Pre-Funded Warrants became exercisable immediately upon issuance and will expire five years from the date of issuance. The exercise price and number of shares of common stock issuable upon exercise is subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our common stock and the exercise price.

*Exercisability*

The Pre-Funded Warrants are exercisable, at the option of the holder, in whole or in part, by delivering a duly executed exercise notice accompanied by payment in full for the number of shares of our common stock purchased upon such exercise (except in the case of a cashless exercise as discussed below). Except as agreed with the holder of the Pre-Funded Warrant, the holder (together with its affiliates) may not exercise any portion of the Pre-Funded Warrant to the extent that the holder would own more than 9.99% of the outstanding common stock immediately after exercise, except that upon at least 61 days' prior notice from the holder to us, the holder may increase the beneficial ownership limitation to a percentage not to exceed 9.99%.

*Cashless Exercise*

The Pre-Funded Warrants may also be exercised, in whole or in part, at the sole discretion of the holder , by means of a "cashless exercise" in which the holder shall be entitled to receive upon such exercise a number of shares of common stock equal to the quotient obtained according to a formula set forth in the Pre-Funded Warrants.

*Fundamental Transaction*

In the event of a fundamental transaction, as described in the Pre-Funded Warrants and generally including any reorganization, recapitalization or reclassification of our common stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding common stock, or any person or group becoming the beneficial owner of more than 50% of the voting power represented by our outstanding common stock, the holder of the Pre-Funded Warrant will be entitled to receive upon exercise of the Pre-Funded Warrant the kind and amount of securities, cash or other property that the holders would have received had they exercised the Pre-Funded Warrant immediately prior to such fundamental transaction.

*Transferability*

Subject to applicable laws, the Pre-Funded Warrants may be transferred at the option of the holder upon surrender of the Pre-Funded Warrants together with the appropriate instruments of transfer and funds sufficient to pay any transfer taxes payable upon such transfer.

*Fractional Shares*.

No fractional shares of common stock will be issued upon the exercise of the Pre-Funded Warrants. Rather, the number of shares of common stock to be issued will, at our election, either be rounded up to the nearest whole number or we will pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the exercise price.

*Amendments*.

No term of a Pre-Funded Warrant may be amended or waived without the written consent of the Company and the holder of such Pre-Funded Warrant.

*Exchange Listing*

We do not intend to list the Pre-Funded Warrants on any securities exchange or nationally recognized trading system.

*Rights as a Stockholder*

Except as otherwise provided in the Pre-Funded Warrant or by virtue of such holder's ownership of shares of our common stock, the holder of the Pre-Funded Warrant does not have the rights or privileges of holders of our common stock, including any voting rights, until they exercise the Pre-Funded Warrant.

**LEGAL MATTERS**

The validity under Nevada law of the shares of our common stock offered hereby will be passed upon for us by Brownstein Hyatt Farber Schreck, LLP, Las Vegas, Nevada. Unless otherwise indicated in the prospectus, certain legal matters in connection with the offering and the enforceability of the Warrants offered by this prospectus is being passed upon for us by Lowenstein Sandler LLP, New York, New York.

**EXPERTS**

The consolidated balance sheets of Soluna Holdings, Inc. and its subsidiaries as of December 31, 2025 and 2024, and the related consolidated statements of operations, changes in equity, and cash flows for each of the years then ended have been audited by UHY LLP, independent registered public accounting firm, as stated in their report which is incorporated herein by reference. Such financial statements have been incorporated herein by reference in reliance on the report of such firm given upon their authority as experts in accounting and auditing.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement on Form S-3 under the Securities Act with respect to the securities offered by this prospectus. Pursuant to SEC rules, this prospectus, which is part of the registration statement, omits certain information, exhibits, schedules and undertakings set forth in the registration statement. For further information pertaining to us and our securities, reference is made to our SEC filings and to the registration statement and the exhibits and schedules to the registration statement of which this prospectus forms a part. Statements contained in this prospectus as to the contents or provisions of any documents referred to in this prospectus are not necessarily complete, and in each instance where a copy of the document has been filed as an exhibit to the registration statement, reference is made to the exhibit for a more complete description of the matters involved.

In addition, registration statements and certain other filings made with the SEC electronically are publicly available through the SEC's web site at http://www.sec.gov. The registration statement, including all exhibits and amendments to the registration statement, has been filed electronically with the SEC.

We are subject to the information and periodic reporting requirements of the Exchange Act and, in accordance with such requirements, will file periodic reports, proxy statements, and other information with the SEC. These periodic reports, proxy statements, and other information will be available for inspection and copying at the web site of the SEC referred to above. We also maintain a website at www.solunacomputing.com, at which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our website is not part of, and is not incorporated into, this prospectus. We have included our website address in this prospectus solely as an inactive textual reference.

**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

The SEC allows us to "incorporate by reference" information that we file with it into this prospectus, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is an important part of this prospectus. The information incorporated by reference is considered to be a part of this prospectus, and information that we file later with the SEC will automatically update and supersede information contained in this prospectus and any accompanying prospectus supplement.

We incorporate by reference the documents listed below that we have previously filed with the SEC:

● our Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/64463/000162828026021847/slnh-20251231.htm) for the fiscal year ended December 31, 2025 filed with the SEC on March 30, 2026;

● our Current Reports on Form 8-K filed with the SEC on [January 20, 2026](https://www.sec.gov/Archives/edgar/data/64463/000149315226002738/form8-k.htm) , [March 31, 2026](https://www.sec.gov/Archives/edgar/data/64463/000149315226013710/form8-k.htm) , [April 3, 2026](https://www.sec.gov/Archives/edgar/data/64463/000149315226015140/form8-k.htm) and April 14, 2026 (other than any portions thereof deemed furnished and not filed); and

● the description of our common stock contained in our Registration Statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/64463/000100329721000034/mkty8a12b.htm) , filed with the SEC on March 22, 2021, as updated by the Description of Securities set forth on [Exhibit 4.8](https://www.sec.gov/Archives/edgar/data/64463/000162828026021847/soluna-ex4xdescriptionofse.htm) to our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on March 30, 2026, including any amendments thereto or reports filed for the purposes of updating this description.

All other reports and documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date that this registration statement becomes effective and after the date of this prospectus but before the termination of the offering of the securities described in this prospectus shall be deemed to be incorporated by reference into this prospectus.

Notwithstanding the statements in the preceding paragraphs, no document, report or exhibit (or portion of any of the foregoing) or any other information that we have "furnished" to the SEC pursuant to the Exchange Act shall be incorporated by reference into this prospectus.

Any statement contained in this prospectus or contained in a document incorporated or deemed to be incorporated by reference into this prospectus will be deemed to be modified or superseded to the extent that a statement contained in this prospectus or any subsequently filed supplement to this prospectus, or document deemed to be incorporated by reference into this prospectus, modifies or supersedes such statement. Any statements so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.

You may request a copy of these filings at no cost, by writing or telephoning us at the following address:

Soluna Holdings, Inc.

325 Washington Avenue Extension

Albany, NY 12205

(518) 218-2550

Attn: Christopher Gandolfo

hello@soluna.io

You may also access these filings on our website at www.solunacomputing.com. You should rely only on the information incorporated by reference or provided in this prospectus. We have not authorized anyone else to provide different or additional information on our behalf. An offer of these securities is not being made in any jurisdiction where the offer or sale is not permitted. You should not assume that the information in this prospectus is accurate as of any date other than the date of those respective documents.

**1,350,000 Common Warrants 1 to Purchase Up to 1,350,000 Shares of Common Stock**

**650,000 Common Warrants 2 to Purchase Up to 650,000 Shares of Common Stock**

**700,000 Pre-Funded Warrants to Purchase Up to 700,000 Shares of Common Stock**

**2,700,000 Shares of Common Stock Underlying the Common Warrants 1, the Common Warrants 2 and the Pre-Funded Warrants**

![](form424b3_002.jpg)

**PRELIMINARY PROSPECTUS**

April 21, 2026.