# EDGAR Filing Document

**Accession Number:** 0000064463
**File Stem:** 0001493152-26-015581
**Filing Date:** 2026-4
**Character Count:** 29986
**Document Hash:** a9560299e64a45e89d8621d5bf0e2f9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-015581.hdr.sgml**: 20260408

**ACCESSION NUMBER**: 0001493152-26-015581

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260408

**EFFECTIVENESS DATE**: 20260408

**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:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294922
- **FILM NUMBER:** 26846022

**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

**As filed with the Securities and Exchange Commission on April 7, 2026**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**SOLUNA HOLDINGS, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | **14-1462255** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |
| **325 Washington Avenue Extension** |  |
| **Albany, New York** | **12205** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**Soluna Holdings, Inc. Third Amended and Restated 2021 Stock Incentive Plan**

**Soluna Holdings, Inc. Amended and Restated 2023 Stock Incentive Plan**

(Full title of the plan)

**John Belizaire**

**Chief Executive Officer**

**Soluna Holdings, Inc.**

**325 Washington Ave Extension**

**Albany, New York 12205**

(Name and address of agent for service)

**(516) 216-9257**

(Telephone number, including area code, of agent for service)

*Please send copies of all communications to:*

**Steven E. Siesser, Esq.**

**Daniel L. Forman, Esq.**

**Lowenstein Sandler LLP**

**1251 Avenue of the Americas**

**New York, New York 10020**

**(212) 204-8688**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

Pursuant to General Instruction E to Form S-8 under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement is filed by Soluna Holdings, Inc. (the "Company") for the purpose of registering additional shares of the Company's common stock, par value $0.001 per share (the "Common Stock"), issuable under the Soluna Holdings, Inc. Third Amended and Restated 2021 Stock Incentive Plan, as amended (f/k/a Mechanical Technology, Incorporated 2021 Stock Incentive Plan) (the "2021 Plan"), and the Soluna Holdings, Inc. Amended and Restated 2023 Stock Incentive Plan, as amended (the "2023 Plan"). Subject to certain adjustments, beginning on January 1, 2025, and continuing through June 30, 2027, the maximum number of shares of Common Stock available for issuance under the 2021 Plan represents 22.75% of the number of shares of Common Stock outstanding on the first trading day of each quarter (the "2021 Limitation of Grant Provision") and, beginning on July 1, 2023, the maximum number of shares of Common Stock available for issuance under the 2023 Plan represents 23.75% of the number of shares of Common Stock outstanding on the first trading day of each quarter (the "2023 Limitation of Grant Provision"). This Registration Statement registers (i) 10,758,807 additional shares of Common Stock available for issuance under the 2021 Plan pursuant to the 2021 Limitation of Grant Provision, based upon the total number of shares of Common Stock outstanding on April 1, 2026, and (ii) 11,231,722 additional shares of Common Stock available for issuance under the 2023 Plan pursuant to the 2023 Limitation of Grant Provision, based upon the total number of shares of Common Stock outstanding on April 1, 2026.

The shares of Common Stock registered pursuant to this Registration Statement are of the same class of securities as the (i) 99,367 shares of Common Stock, as adjusted for the 1-for-25 reverse stock split effective as of October 16, 2023, registered for issuance under the 2021 Plan, pursuant to the currently effective Registration Statement on Form S-8 (Registration No. 333-260614) filed on October 29, 2021, (ii) 978,155 shares of Common Stock registered for issuance under the 2021 Plan and 1,312,356 shares of Common Stock registered for issuance under the 2023 Plan, pursuant to the currently effective Registration Statement on Form S-8 (Registration No. 333-277067) filed on February 14, 2024, (iii) 2,606,077 shares of Common Stock registered for issuance under the 2021 Plan and 2,583,592 shares of Common Stock registered for issuance under the 2023 Plan, pursuant to the currently effective Registration Statement on Form S-8 (Registration No. 333-287691) filed on May 30, 2025, (iv) 1,489,460 shares of Common Stock registered for issuance under the 2021 Plan and 1,554,930 shares of Common Stock registered for issuance under the 2023 Plan, pursuant to the currently effective Registration Statement on Form S-8 (Registration No. 333-289806) filed on August 22, 2025 and (v) 10,248,187 shares of Common Stock registered for issuance under the 2021 Plan and 10,698,657 shares of Common Stock registered for issuance under the 2023 Plan, pursuant to the currently effective Registration Statement on Form S-8 (Registration No. 333-291703) filed on November 21, 2025. The information contained in the Company's Registration Statements on Form S-8 (Registration Nos. 333-260614, 333-277067, 333-287691, 333-289806 and 333-291703) are hereby incorporated by reference pursuant to General Instruction E. Any items in the Company's Registration Statements on Form S-8 (Registration Nos. 333-260614, 333-277067, 333-287691, 333-289806 and 333-291703) not expressly changed hereby shall be as set forth in the Company's Registration Statements on Form S-8 (Registration Nos. 333-260614, 333-277067, 333-287691, 333-289806 and 333-291703).

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. <u>Incorporation of Documents by Reference</u>.**

The following documents filed by the Company with the Securities and Exchange Commission (the "Commission") pursuant to the Securities Act and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are incorporated herein by reference:

(a) The
 Company's latest annual report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/64463/000162828026021847/slnh-20251231.htm) filed pursuant to Section 13(a) or 15(d) of the Exchange Act for the fiscal year
 ended December 31, 2025, filed with the Commission on March 30, 2026;

(b) The
 Company's current reports on Form 8-K, filed with the Commission 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) and [April 3, 2026](https://www.sec.gov/Archives/edgar/data/64463/000149315226015140/form8-k.htm) (other
 than any portions thereof deemed furnished and not filed);

(c) The
 Company's Definitive Proxy Statement on [Schedule 14A](https://www.sec.gov/Archives/edgar/data/64463/000164117225020351/formdef14a.htm) , filed with the Commission on July 21, 2025; and

(d) The
 description of Common Stock contained in the Company's Registration Statement on [Form 8-A12B](https://www.sec.gov/Archives/edgar/data/64463/000100329721000034/mkty8a12b.htm) , as filed with the Commission
 on March 22, 2021 pursuant to Section 12(b) of the Exchange Act, 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 the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Commission on
 March 30, 2026, including any amendments or reports filed for the purpose of updating such description.

All documents filed by the Company pursuant to Section 13(a), 13(c), 14, or 15(d) of the Exchange Act subsequent to the filing of this Registration Statement and prior to the filing of a post-effective amendment, which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing such documents, except as to specific sections of such documents as set forth therein. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in any subsequently filed document, which also is deemed to be incorporated by reference herein, modifies or supersedes such statement.

**Item 8. <u>Exhibits</u>.**

For a list of exhibits, see the Exhibit Index in this Registration Statement, which is incorporated into this Item by reference.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit<br> No.** | **Exhibit** |
| 4.1 | [Articles of Incorporation of Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated (incorporated by reference from Exhibit 3.1 of the Company's Form 10-K Report for the year ended December 31, 2020 (the "2020 Form 10-K")).](https://www.sec.gov/Archives/edgar/data/64463/000100329721000039/exhibit3-1.htm) |
| 4.2 | [Certificate of Amendment filed with the Secretary of State of Nevada dated June 9, 2021 (incorporated by reference from Exhibit 3.1 of the Company's Form 8-K Report filed June 15, 2021).](https://www.sec.gov/Archives/edgar/data/64463/000175392621000192/g082217_ex3-1.htm) |
| 4.3 | [Certificate of Amendment to Articles of Incorporation filed with the Secretary of State of Nevada on November 2, 2021 (incorporated by reference from Exhibit 3.1 of the Company's Form 8-K Report filed November 4, 2021).](https://www.sec.gov/Archives/edgar/data/64463/000175392621000632/g082430_ex3-1.htm) |
| 4.4 | [Bylaws of Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, (incorporated by reference from Exhibit 3.2 of the 2020 Form 10-K).](https://www.sec.gov/Archives/edgar/data/64463/000100329721000039/exhibit3-2.htm) |
| 4.5 | [Certificate of Designations, Preferences and Rights of 9.0% Series A Cumulative Perpetual Preferred Stock filed with the Secretary of State of the State of Nevada on August 18, 2021 (Incorporated by reference to the Company's Form 8-A, filed with the SEC on August 19, 2021).](https://www.sec.gov/Archives/edgar/data/64463/000175392621000384/g082310_ex4-1.htm) |
| 4.6 | [Certificate of Amendment to Certificate of Designations, Preferences and Rights of 9.0% Series A Cumulative Perpetual Preferred Stock, filed with the Secretary of State of the State of Nevada on December 22, 2021 (Incorporated by reference to the Company's Form 8-K Report filed with the SEC on December 29, 2021).](https://www.sec.gov/Archives/edgar/data/64463/000175392621000837/g082532_ex4-1.htm) |
| 4.7 | [Certificate of Amendment to Certificate of Designations, Preferences and Rights of 9.0% Series A Cumulative Perpetual Preferred Stock, filed with the Secretary of State of the State of Nevada on April 21, 2022 (Incorporated by reference to the Company's Form 8-K Report filed with the SEC on April 27, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000175392622000586/g082991_ex4-1.htm) |
| 4.8 | [Certificate of Designation of Series B Convertible Preferred Stock, filed with the Nevada Secretary of State on July 20, 2022 (Incorporated by reference to the Company's Form 8-K Report filed with the SEC on July 20, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000175392622000942/g083091_ex4-1.htm) |
| 4.9 | [Certificate of Change dated October 11, 2023 (incorporated by reference to Exhibit 3.1 of the Company's Form 8-K Report filed October 17, 2023)](https://www.sec.gov/Archives/edgar/data/64463/000149315223037517/ex3-1.htm) |
| 4.10 | [Certificate of Amendment, dated November 7, 2025, to the Articles of Incorporation of Soluna Holdings, Inc. (incorporated by reference to Exhibit 3.1 of the Company's Form 8-K Report filed November 10, 2025).](https://www.sec.gov/Archives/edgar/data/64463/000149315225021397/ex3-1.htm) |
| 4.11 | [Soluna Holdings, Inc. Third Amended and Restated 2021 Stock Incentive Plan (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on March 13, 2023)](https://www.sec.gov/Archives/edgar/data/64463/000149315223007465/ex10-1.htm) |
| 4.12 | [Amendment to the Soluna Holdings, Inc. Third Amended and Restated 2021 Stock Incentive Plan (incorporated by reference to the definitive proxy statement filed with the SEC on April 29, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224017019/formdef14a.htm) |
| 4.13 | [Amendment to the Soluna Holdings, Inc. Third Amended and Restated 2021 Stock Incentive Plan (incorporated by reference to the definitive proxy statement filed with the SEC on October 28, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224042630/formdef14a.htm) |
| 4.14 | [Amended and Restated 2023 Stock Incentive Plan (incorporated by reference to Appendix B to the definitive proxy statement filed on May 30, 2023)](https://www.sec.gov/Archives/edgar/data/64463/000149315223019427/formdef14a.htm) |
| 4.15 | [Amendment to the Soluna Holdings, Inc. Amended and Restated 2023 Stock Incentive Plan (incorporated by reference to the definitive proxy statement filed with the SEC on April 29, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224017019/formdef14a.htm) |
| 5.1\* | [Legal Opinion of Brownstein Hyatt Farber Schreck, LLP.](ex5-1.htm) |
| 23.1\* | [Consent of UHY LLP, independent registered public accounting firm.](ex23-1.htm) |
| 23.2\* | [Consent of Brownstein Hyatt Farber Schreck, LLP (included in Exhibit 5.1).](ex5-1.htm) |
| 24.1\* | [Power of Attorney (included on the signature page).](#sk_001) |
| 107\* | [Filing Fee Table.](ex-107.htm) |

---

\* Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Albany, State of New York, on April 7, 2026.

---

| | |
|:---|:---|
| **Soluna Holdings, Inc.** | **Soluna Holdings, Inc.** |
| By: | */s/ John Belizaire* |
|  | John Belizaire |
|  | *Chief Executive Officer* |

---

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officers and directors of Soluna Holdings, Inc., a Nevada corporation, do hereby constitute and appoint each of John Belizaire and Michael Picchi as his true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him and in his name, place, and stead, in any and all capacities, to sign any and all amendments to this registration statement (including post-effective amendments to this Registration Statement on Form S-8), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| Person | Capacity | Date |
| */s/ John Belizaire* | Chief Executive Officer, Director | April 7, 2026 |
| John Belizaire | (Principal Executive Officer) |  |
| */s/ Michael Picchi* | Chief Financial Officer | April 7, 2026 |
| Michael Picchi | (Principal Financial Officer) |  |
| */s/ Jessica L. Thomas* | Chief Accounting Officer | April 7, 2026 |
| Jessica L. Thomas | (Principal Accounting Officer) |  |
| */s/ Michael Toporek* | Executive Chairman | April 7, 2026 |
| Michael Toporek |  |  |
| */s/ David C. Michaels* | Director | April 7, 2026 |
| David C. Michaels |  |  |
| */s/ Agnieszka Budzyn* | Director | April 7, 2026 |
| Agnieszka Budzyn |  |  |
| <br> */s/Edward R. Hirshfield* | Director | April 7, 2026 |
| Edward R. Hirshfield |  |  |
| */s/ Matthew E. Lipman* | Director | April 7, 2026 |
| Matthew E. Lipman |  |  |
| */s/ Thomas J. Marusak* | Director | April 7, 2026 |
| Thomas J. Marusak |  |  |
| */s/ William Hazelip* | Director | April 7, 2026 |
| William Hazelip |  |  |
| */s/ William Phelan* | Director | April 7, 2026 |
| William Phelan |  |  |
| */s/ John Bottomley* | Director | April 7, 2026 |
| John Bottomley |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](ex5-1_001.jpg) | **Brownstein Hyatt Farber Schreck, LLP**<br>702.382.2101 main<br> 100 North City Parkway, Suite 1600<br> Las Vegas, Nevada 89106 |

---

April 7, 2026

Soluna Holdings, Inc.

325 Washington Avenue Extension

Albany, New York 12205

To the addressee set forth above:

We have acted as local Nevada counsel to Soluna Holdings, Inc., a Nevada corporation (the "<u>Company</u>"), in connection with the filing by the Company of a Registration Statement on Form S-8 (the "<u>Registration Statement</u>") with the Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933, as amended (the "<u>Act</u>"), relating to the registration of (i) 10,758,807 additional shares (the "<u>2021 Plan Shares</u>") of the Company's common stock, par value $0.001 per share (the "<u>Common Stock</u>"), issuable under the Company's Third Amended and Restated 2021 Stock Incentive Plan, as amended (the "<u>2021 Plan</u>"), and (ii) 11,231,722 additional shares of Common Stock (together with the 2021 Plan Shares, the "<u>Shares</u>") issuable under the Company's Amended and Restated 2023 Stock Incentive Plan, as amended (together with the 2021 Plan, the "<u>Plans</u>"). This opinion letter is being delivered at your request pursuant to the requirements of Item 601(b)(5) of Regulation S-K under the Act.

In our capacity as such counsel, we are familiar with the proceedings taken and proposed to be taken by the Company in connection with the authorization and issuance of the Shares as contemplated by the Plans and as described in the Registration Statement. For purposes of this opinion letter, and except to the extent set forth in the opinion expressed below, we have assumed that all such proceedings have been or will be timely completed in the manner contemplated by the Plans, and as presently proposed in the Registration Statement.

For the purpose of issuing this opinion letter, we have (a) we have made such legal and factual examinations and inquiries, including an examination of originals or copies certified or otherwise, identified to our satisfaction as being true copies of (i) the Registration Statement, (ii) the Plans, (iii) the Company's articles of incorporation and bylaws, each as amended to date, and (iv) such other agreements, instruments, corporate records (including resolutions of the Company's board of directors and any committee thereof) and other documents, as we have deemed necessary or appropriate, and (b) obtained from officers and other representatives and agents of the Company and from public officials, and have relied upon, such certificates, representations, assurances and public filings, as we have deemed necessary or appropriate.

Without limiting the generality of the foregoing, we have, with your permission, assumed without independent verification that (i) each natural person executing a document has, and at all relevant times had or will have, sufficient legal capacity to do so; (ii) all documents submitted to us as originals are authentic, the signatures on all documents we reviewed are genuine, and all documents submitted to us as certified, conformed, photostatic, electronic or facsimile copies conform to the original document; (iii) all corporate records made available to us by the Company, and all public records we have reviewed, are accurate and complete; and (iv) after any issuance of the Shares, the total number of issued and outstanding shares of Common Stock, together with the total number of shares of Common Stock then reserved for issuance or obligated to be issued by the Company pursuant to any agreement or arrangement or otherwise, including the Plans, will not exceed the total number of shares of Common Stock then authorized under the Company's articles of incorporation.

Soluna Holdings, Inc.

April 7, 2026

We are qualified to practice law in the State of Nevada. The opinion set forth herein is expressly limited to and based exclusively on the general corporate laws of the State of Nevada, and we do not purport to be experts on, or to express any opinion with respect to the applicability thereto or the effect thereon of, the laws of any other jurisdiction. We express no opinion concerning, and we assume no responsibility as to laws or judicial decisions related to, any federal laws, rules or regulations, including, without limitation, any federal securities laws, rules or regulations, or any state securities or "blue sky" laws, rules or regulations.

Based on the foregoing and in reliance thereon, and having regard to legal considerations and other information that we deem relevant, we are of the opinion that the Shares have been duly authorized by the Company and, if, when and to the extent issued in accordance with all applicable terms and conditions set forth in the relevant Plan and in exchange for the consideration required thereunder, and as described in the Registration Statement, the Shares will be validly issued, fully paid and nonassessable.

The opinion expressed herein is based upon the applicable laws of the State of Nevada and the facts in existence on the date of this opinion letter. In delivering this opinion letter to you, we disclaim any obligation to update or supplement the opinion set forth herein or to apprise you of any changes in any laws or facts after the date hereof. No opinion is offered or implied as to any matter, and no inference may be drawn, beyond the strict scope of the specific issues expressly addressed by the opinion set forth herein.

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement. In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission promulgated thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Brownstein Hyatt Farber Schreck, LLP |

---

## Exhibit 23.1

**Exhibit 23.1**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement of Soluna Holdings, Inc. (the "Company") on Form S-8 of our report dated March 27, 2026, with respect to our audits of the Company's consolidated financial statements as of December 31, 2025 and 2024, and for each of the years in the two-year period ended December 31, 2025, which appears in the Annual Report on Form 10-K of the Company for the year ended December 31, 2025.

/s/ UHY LLP

Albany, New York

April 7, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Soluna Holdings, Inc**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common stock, $0.001 par value per share | Other | 21990529 | $0.69 | $15173465.01 | 0.0001381 | $2095.46 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $15173465.01  |  | $2095.46  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $2095.46  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Covers (i) 10,758,807 additional shares of common stock, par value $0.001 per share (the "Common Stock"), available for issuance under the Soluna Holdings, Inc. Third Amended and Restated 2021 Stock Incentive Plan, as amended (the "2021 Plan"), based upon the total number of shares of Common Stock outstanding on January 1, 2026, and (ii) 11,231,722 additional shares of Common Stock available for issuance under the Soluna Holdings, Inc. Amended and Restated 2023 Stock Incentive Plan, as amended (the "2023 Plan"), based upon the total number of shares of Common Stock outstanding on January 1, 2026. In addition, pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement also covers any additional shares of Common Stock that become issuable under the 2021 Plan and the 2023 Plan in respect of the securities identified in the above table by reason of any stock split, stock dividend, antidilution provisions, and similar transactions. Pursuant to Rules 457(c) and 457(h) under the Securities Act, the proposed maximum offering price per share and the proposed maximum aggregate offering price are estimated for the purpose of calculating the amount of the registration fee and are based on the average of the high and low sales price on the NASDAQ Capital Market on April 2, 2026. The Registrant does not have any fee offsets.

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| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

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