# EDGAR Filing Document

**Accession Number:** 0000064463
**File Stem:** 0001641172-25-018792
**Filing Date:** 2025-7
**Character Count:** 71763
**Document Hash:** 9e1d0ec582fa534aad930974e571e4e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-018792.hdr.sgml**: 20250711

**ACCESSION NUMBER**: 0001641172-25-018792

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250711

**DATE AS OF CHANGE**: 20250711

**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-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287519
- **FILM NUMBER:** 251119521

**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 July 11, 2025**

**Registration No. 333-287519**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**AMENDMENT NO. 2 TO**

**FORM S**-**1**

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

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| |
|:---|
| **SOLUNA HOLDINGS, INC.** |
| (Exact name of registrant as specified in its charter) |

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| | | |
|:---|:---|:---|
| **Nevada** | **7374** | **14-1462255** |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification No.) |

---

**325 Washington Avenue Extension**

**Albany, New York 12205**

**Telephone: (516) 216-9257**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**John Belizaire**

**Chief Executive Officer**

**Soluna Holdings, Inc.**

**325 Washington Ave Extension**

**Albany, New York 12205**

**(516) 216-9257**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

**Please send copies of all communications to:**

**Steven E. Siesser, Esq.**<br> **Daniel L. Forman, Esq.**<br> **Lowenstein Sandler LLP**<br> **1251 Avenue of the Americas**<br> **New York, New York 10020**<br> **(212) 204-8688**<br>

**Approximate date of commencement of proposed sale to the public:**

**As soon as practicable after the effective date of this registration statement.**

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box: ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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. ☐

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment that specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

 **EXPLANATORY NOTE**

This Amendment No. 2 (the "Amendment") to the Registration Statement on Form S-1 of Soluna Holdings, Inc. (File No. 333-287519) (the "Registration Statement") is being filed as an exhibit-only filing solely to file the opinion and consent of Brownstein Hyatt Farber Schreck, LLP as Exhibit 5.1 and the opinion and consent of Lowenstein Sandler LLP as Exhibit 5.2. Accordingly, this Amendment consists only of the facing page, this explanatory note, Item 16 of Part II of the Registration Statement, the signature pages to the Registration Statement, and the referenced exhibits. The prospectus and the balance of Part II of the Registration Statement are unchanged hereby and have been omitted.

**Item 16. Exhibits.**

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| | |
|:---|:---|
| **Exhibit No.** | **Description of Document** |
| 2.1 | [Agreement and Plan of Merger dated August 11, 2021, by and among Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, SCI Merger Sub, Inc., and Soluna Callisto Holdings Inc., formerly known as Soluna Computing, Inc. (incorporated by reference from Exhibit 2.1 of the Company's Form 8-K Report filed August 12, 2021).](https://www.sec.gov/Archives/edgar/data/64463/000175392621000340/g082297_ex2-1.htm) |
| 3.1 | [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) |
| 3.2 | [Articles of Merger filed with the Secretary of State of Nevada (incorporated by reference from Exhibit 3.3 of the 2020 Form 10-K).](https://www.sec.gov/Archives/edgar/data/64463/000100329721000039/exhibit3-3.htm) |
| 3.3 | [Certificate of Merger filed with the Department of State of New York (incorporated by reference from Exhibit 3.4 of the 2020 Form 10-K).](https://www.sec.gov/Archives/edgar/data/64463/000100329721000039/exhibit3-4.htm) |
| 3.4 | [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) |
| 3.5 | [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) |
| 3.6 | [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) |
| 3.7 | [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) |
| 3.8 | [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) |
| 3.9 | [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) |
| 3.10 | [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) |
| 3.11 | [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) |
| 4.1 | [Form of Common Purchase Warrant (incorporated by reference from Exhibit 4.3 of the Company's Registration Statement on Form S-1/A filed April 12, 2021).](https://www.sec.gov/Archives/edgar/data/64463/000175392621000089/g082117_ex4-3.htm) |
| 4.2 | [Form of Underwriters' Warrant (incorporated by reference from Exhibit 4.4 of the Company's Registration Statement on Form S-1/A filed April 12, 2021).](https://www.sec.gov/Archives/edgar/data/64463/000175392621000089/g082117_ex4-4.htm) |
| 4.4 | [Form of 9.0% Series A Cumulative Perpetual Preferred Stock Certificate (incorporated by reference from Exhibit 4.2 of the Company's Form 8-K Report filed August 23, 2021).](https://www.sec.gov/Archives/edgar/data/64463/000175392621000398/g082320_ex4-2.htm) |
| 4.5 | [Form of Secured Convertible Note issued by the Company pursuant to and in accordance with the Securities Purchase Agreement dated as of October 20, 2021 (incorporated by reference from Exhibit 4.1 of the Company's Form 8-K Report filed October 25, 2021).](https://www.sec.gov/Archives/edgar/data/64463/000175392621000582/g082394_ex4-1.htm) |

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4.6 [Form of Class A Common Stock Purchase Warrant issued by the Company pursuant to and in accordance with the Securities Purchase Agreement dated as of October 20, 2021 (incorporated by reference from Exhibit 4.2 of the Company's Form 8-K Report filed October 25, 2021).](https://www.sec.gov/Archives/edgar/data/64463/000175392621000582/g082394_ex4-2.htm)

4.7 [Form of Class B Common Stock Purchase Warrant issued by the Company pursuant to and in accordance with the Securities Purchase Agreement dated as of October 20, 2021 (incorporated by reference from Exhibit 4.3 of the Company's Form 8-K Report filed October 25, 2021).](https://www.sec.gov/Archives/edgar/data/64463/000175392621000582/g082394_ex4-3.htm)

4.8 [Form of Class C Common Stock Purchase Warrant issued by the Company pursuant to and in accordance with the Securities Purchase Agreement dated as of October 20, 2021 (incorporated by reference from Exhibit 4.4 of the Company's Form 8-K Report filed October 25, 2021).](https://www.sec.gov/Archives/edgar/data/64463/000175392621000582/g082394_ex4-4.htm)

4.9 [Form of Representative's Warrant (incorporated by reference from Exhibit 4.2 of the Company's Form 8-K Report filed December 29, 2021).](https://www.sec.gov/Archives/edgar/data/64463/000175392621000837/g082532_ex4-2.htm)

4.10 [Form of Class D Common Stock Purchase Warrant (Incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on September 14, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000175392622001256/g083193_ex4-1.htm)

4.11 [Form of Class E Common Stock Purchase Warrant (Incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on September 14, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000175392622001256/g083193_ex4-2.htm)

4.12 [Form of Class F Common Stock Purchase Warrant (Incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on September 14, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000175392622001256/g083193_ex4-3.htm)

4.13 [Form of Class G Common Stock Purchase Warrant (Incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on September 14, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000175392622001256/g083193_ex4-4.htm)

4.14 [Description of Securities (Incorporated by reference to the Company's Annual Report on Form 8-K filed with the SEC on March 31, 2025)](https://www.sec.gov/Archives/edgar/data/64463/000164117225001756/ex4-14.htm)

4.15 [Form of A Warrant dated May 11, 2023 (incorporated by reference to Exhibit 4.17 to the Quarterly Report on Form 10-Q filed on May 15, 2023 (the "First Quarter 2023 Form 10-Q"))](https://www.sec.gov/Archives/edgar/data/64463/000149315223017349/ex4-17.htm)

4.16 [Form of B Warrant dated May 11, 2023 (incorporated by reference to Exhibit 4.18 to the First Quarter 2023 Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315223017349/ex4-18.htm)

4.17 [Form of Warrant- Amended Class A Warrant (dated February 28, 2024) (incorporated by reference to Exhibit 4.20 the Company's Quarterly Report on Form 10-Q filed with the SEC on May 15, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex4-20.htm)

4.18 [Form of Warrant- Amended Class B Warrant (dated February 28, 2024) (incorporated by reference to Exhibit 4.21 the Company's Quarterly Report on Form 10-Q filed with the SEC on May 15, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex4-21.htm)

4.19 [Form of Warrant- Amended Class C Warrant (dated February 28, 2024) (incorporated by reference to Exhibit 4.22 the Company's Quarterly Report on Form 10-Q filed with the SEC on May 15, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex4-22.htm)

4.20 [Form of Warrant- Extension $0.01 Warrant (dated February 28, 2024) (incorporated by reference to Exhibit 4.23 the Company's Quarterly Report on Form 10-Q filed with the SEC on May 15, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex4-23.htm)

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| | |
|:---|:---|
| 4.21 | [Form of Warrant- Five Year Warrant for Exercise of $6.00 Repriced Warrant (incorporated by reference to Exhibit 4.24 the Company's Quarterly Report on Form 10-Q filed with the SEC on May 15, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex4-24.htm) |
| 4.22 | [Form of Certificate of Amendment to the Certificate of Designation for the Series B Stock (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on October 3, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224039310/ex4-1.htm) |
| 4.23 | [Form of Warrant (Incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on March 27, 2025)](https://www.sec.gov/Archives/edgar/data/64463/000164117225000946/ex4-1.htm) |
| 4.24\*\* | [Form of Pre-Funded Warrant issued in this Offering.](https://www.sec.gov/Archives/edgar/data/64463/000164117225015179/ex4-24.htm) |
| 4.25\*\* | [Form of Series A Warrant issued in this Offering.](https://www.sec.gov/Archives/edgar/data/64463/000164117225015179/ex4-25.htm) |
| 4.26\*\* | [Form of Series B Warrant issued in this Offering.](https://www.sec.gov/Archives/edgar/data/64463/000164117225015179/ex4-26.htm) |
| 4.27\*\*  | [Form of Placement Agent Warrant issued in this Offering.](https://www.sec.gov/Archives/edgar/data/64463/000164117225015179/ex4-27.htm) |
| 5.1\* | [Opinion of Brownstein Hyatt Farber Schreck, LLP.](ex5-1.htm) |
| 5.2\* | [Opinion of Lowenstein Sandler LLP.](ex5-2.htm) |
| 10.1+ | [Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, Amended and Restated 2012 Equity Incentive Plan (incorporated by reference from Exhibit 10.3 of the Company's Form 10-K Report for the year ended December 31, 2016).](http://www.sec.gov/Archives/edgar/data/64463/000100329717000043/exhibit103.htm) |
| 10.2+ | [Form of Restricted Stock Agreement Notice for Board of Directors and Employees for Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, 2012 Equity Incentive Plan (incorporated by reference from Exhibit 10.2 of the Company's Form 10-Q Report for the quarter ended June 30, 2012).](http://www.sec.gov/Archives/edgar/data/64463/000100329712000350/ex10-2.htm) |
| 10.3+ | [Form of Incentive Stock Option Notice for Employees for Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, 2012 Equity Incentive Plan (incorporated by reference from Exhibit 10.3 of the Company's Form 10-Q Report for the quarter ended June 30, 2012).](http://www.sec.gov/Archives/edgar/data/64463/000100329712000350/es10-3.htm) |
| 10.4+ | [Form of Non-Qualified Stock Option Notice for Employees for Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, 2012 Equity Incentive Plan (incorporated by reference from Exhibit 10.4 of the Company's Form 10-Q Report for the quarter ended June 30, 2012).](http://www.sec.gov/Archives/edgar/data/64463/000100329712000350/ex10-4.htm) |
| 10.5+ | [Form of Non-Qualified Stock Option Notice for Board of Directors for Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, 2012 Equity Incentive Plan (incorporated by reference from Exhibit 10.5 of the Company's Form 10-Q Report for the quarter ended June 30, 2012).](http://www.sec.gov/Archives/edgar/data/64463/000100329712000350/es10-5.htm) |
| 10.6+ | [Form of Restricted Stock Award Agreement under the Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, Amended and Restated 2012 Equity Incentive Plan (incorporated by reference from Exhibit 10.8 of the Company's Registration Statement on Form 10 filed March 4, 2020).](http://www.sec.gov/Archives/edgar/data/64463/000100329720000003/exhibit10-8.htm) |
| 10.7+ | [Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, 2014 Equity Incentive Plan (incorporated by reference to Exhibit A to the Registrant's Proxy Statement on Schedule 14A filed with the Commission on April 25, 2014).](http://www.sec.gov/Archives/edgar/data/64463/000100329714000209/esproxy.htm) |
| 10.8+ | [Form of Restricted Stock Grant Agreement under the Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, 2014 Equity Incentive Plan (incorporated by reference from Exhibit 10.10 of the Company's Registration Statement on Form 10 filed March 4, 2020).](http://www.sec.gov/Archives/edgar/data/64463/000100329720000003/exhibit10-10.htm) |

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| | |
|:---|:---|
| 10.9+ | [Form of Nonstatutory Stock Option Grant Agreement under the Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, 2014 Equity Incentive Plan (incorporated by reference from Exhibit 4.3 of the Company's Registration Statement on Form S-8 (File No. 333-196989) filed with the Commission on June 24, 2014).](http://www.sec.gov/Archives/edgar/data/64463/000100329714000324/es4-3.htm) |
| 10.10+ | [Form of Incentive Stock Option Grant Agreement under the Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, 2014 Equity Incentive Plan (incorporated by reference from Exhibit 4.4 of the Company's Registration Statement on Form S-8 (File No. 333-196989) filed with the Commission on June 24, 2014).](http://www.sec.gov/Archives/edgar/data/64463/000100329714000324/es4-4.htm) |
| 10.11+ | [Amended and Restated Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, 2021 Stock Incentive Plan (incorporated by reference to Exhibit A to the Registrant's Proxy Statement on Schedule 14A filed with the Commission on October 7, 2021)](http://www.sec.gov/Archives/edgar/data/64463/000175392621000548/g082379_def14a.htm) |

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| | |
|:---|:---|
| 10.12+ | [Form of Stock Option Agreement under the Amended and Restated Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, 2021 Stock Incentive Plan (incorporated by reference from Exhibit 10.11 of the 2021 Form 10-K.)](https://www.sec.gov/Archives/edgar/data/64463/000175392622000384/g082656_ex10-12.htm) |
| 10.13+ | [Form of Restricted Stock Agreement under the Amended and Restated Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, 2021 Stock Incentive Plan (incorporated by reference from Exhibit 10.13 of the 2021 Form 10-K.)](https://www.sec.gov/Archives/edgar/data/64463/000175392622000384/g082656_ex10-13.htm) |
| 10.14+ | [Form of Restricted Stock Unit Agreement under the Amended and Restated Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, 2021 Stock Incentive Plan (incorporated by reference from Exhibit 10.14 of the 2021 Form 10-K.)](https://www.sec.gov/Archives/edgar/data/64463/000175392622000384/g082656_ex10-14.htm) |
| 10.15+ | [Second 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 June 1, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000175392622000835/g083045_ex10-1.htm) |
| 10.16+ | [Form of Option Agreement for the Second Amended And Restated 2021 Stock Incentive Plan (Incorporated by reference as Exhibit 10.7 to the Company's Current Report on Form 10-Q filed with the SEC on August 15, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000175392622001071/g083127_ex10-7.htm) |
| 10.17+ | [Form of Restricted Stock Agreement for the Second Amended And Restated 2021 Stock Incentive Plan (Incorporated by reference as Exhibit 10.8 to the Company's Current Report on Form 10-Q filed with the SEC on August 15, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000175392622001071/g083127_ex10-8.htm) |
| 10.18+ | [Form of Restricted Stock Unit Agreement for the Second Amended And Restated 2021 Stock Incentive Plan (Incorporated by reference as Exhibit 10.9 to the Company's Current Report on Form 10-Q filed with the SEC on August 15, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000175392622001071/g083127_ex10-9.htm) |
| 10.19 | [Class A Preferred Share Purchase Agreement dated January 13, 2020, among Harmattan Energy, Ltd., formerly known as Soluna Technologies, Ltd., Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, and the other investors set forth on Exhibit A thereto (incorporated by reference from Exhibit 10.21 of the Company's Registration Statement on Form 10 filed March 4, 2020).](http://www.sec.gov/Archives/edgar/data/64463/000100329720000003/exhibit10-21.htm) |
| 10.20 | [Amended and Restated Contingent Rights Agreement dated November 5, 2021, by and between Harmattan Energy, Ltd. and Soluna Holdings, Inc. (incorporated by reference from Exhibit 10.26 of the 2021 Form 10-K)](https://www.sec.gov/Archives/edgar/data/64463/000175392622000384/g082656_ex10-26.htm) |
| 10.21 | [Side Letter Agreement dated January 13, 2020, by and between Harmattan Energy, Ltd., formerly known as Soluna Technologies, Ltd., and Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated (incorporated by reference from Exhibit 10.23 of the Company's Registration Statement on Form 10 filed March 4, 2020).](http://www.sec.gov/Archives/edgar/data/64463/000100329720000003/exhibit10-23.htm) |
| 10.22 | [Industrial Power Contract dated February 22, 2021, by and between Soluna SW LLC, formerly known as EcoChain Wind, LLC, and a West Kentucky Rural Electric Cooperative Collaboration (incorporated by reference from Exhibit 10.1 of the Company's Form 10-Q Report for the quarter ended June 30, 2021)](http://www.sec.gov/Archives/edgar/data/64463/000100329721000061/exhibit10-1.htm) |
| 10.23 | [Form of Guaranty of Rent dated as of May 3, 2021, by and between Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, and a power-providing cooperative (incorporated by reference from Exhibit 10.5 of the Company's Form 8-K Report filed May 4, 2021).](http://www.sec.gov/Archives/edgar/data/64463/000175392621000124/g082184_ex10-5.htm) |
| 10.24 | [Termination Agreement dated August 11, 2021, by and among Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, Soluna Computing, Inc., formerly known as EcoChain, Inc., and Harmattan Energy, Ltd. (incorporated by reference from Exhibit 10.1 of the Company's Form 8-K Report filed August 12, 2021).](http://www.sec.gov/Archives/edgar/data/64463/000175392621000340/g082297_ex10-1.htm) |

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| | |
|:---|:---|
| 10.25 | [Securities Purchase Agreement dated October 20, 2021, by and between Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, and accredited investors (incorporated by reference from Exhibit 10.1 of the Company's Form 8-K Report filed October 25, 2021).](http://www.sec.gov/Archives/edgar/data/64463/000175392621000582/g082394_ex10-1.htm) |
| 10.26 | [Registration Rights Agreement dated October 25, 2021, by and between the Company and accredited investors (incorporated by reference from Exhibit 10.2 of the Company's Form 8-K Report filed October 25, 2021).](http://www.sec.gov/Archives/edgar/data/64463/000175392621000582/g082394_ex10-2.htm) |
| 10.27 | [Security Agreement dated October 25, 2021, by and among the Company, MTI Instruments and Soluna Computing, Inc., formerly known as EcoChain, Inc., Soluna MC LLC, formerly known as EcoChain Block LLC, and Soluna SW LLC, formerly known as EcoChain Wind LLC, and Collateral Services LLC (incorporated by reference from Exhibit 10.3 of the Company's Form 8-K Report filed October 25, 2021).](http://www.sec.gov/Archives/edgar/data/64463/000175392621000582/g082394_ex10-4.htm) |
| 10.28 | [Master Equipment Finance Agreement, dated as of December 30, 2021 by and between Soluna MC Borrowing 2021-1 LLC and NYDIG ABL LLC (incorporated by reference from Exhibit 10.1 of the Company's Form 8-K Report filed January 18, 2022).](http://www.sec.gov/Archives/edgar/data/64463/000175392622000066/g082544_ex10-1.htm) |
| 10.29 | [Digital Asset Account Control Agreement, effective as of December 30, 2021 by and among Soluna MC Borrowing 2021-1 LLC, NYDIG ABL LLC and NYDIG Trust Company LLC (incorporated by reference from Exhibit 10.2 of the Company's Form 8-K Report filed January 18, 2022).](http://www.sec.gov/Archives/edgar/data/64463/000175392622000066/g082544_ex10-2.htm) |
| 10.30 | [Guaranty Agreement, dated as of December 30, 2021 by Soluna MC LLC, in favor of NYDIG ABL LLC (incorporated by reference from Exhibit 10.3 of the Company's Form 8-K Report filed January 18, 2022).](http://www.sec.gov/Archives/edgar/data/64463/000175392622000066/g082544_ex10-3.htm) |
| 10.31 | [Consent and Waiver Agreement, dated January 13, 2022, by and among the Company and the purchasers signatory to the Securities Purchase Agreement, dated as of October 20, 2021 (incorporated by reference from Exhibit 10.4 of the Company's Form 8-K Report filed January 18, 2022).](http://www.sec.gov/Archives/edgar/data/64463/000175392622000066/g082544_ex10-4.htm) |
| 10.32+ | [Employment Agreement, by and between Soluna Holdings, Inc. and Michael Toporek, dated as of January 14, 2022 (incorporated by reference from Exhibit 10.1 of the Company's Form 8-K Report filed January 21, 2022).](http://www.sec.gov/Archives/edgar/data/64463/000175392622000098/g082575_ex10-1.htm) |
| 10.33 | [Form of Note by and between Soluna Holdings, Inc. and certain institutional lenders (incorporated by reference from Exhibit 10.53 of the 2021 Form 10-K.)](https://www.sec.gov/Archives/edgar/data/64463/000175392622000384/g082656_ex10-53.htm) |
| 10.34 | [Commercial Security Agreement, by and between Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, and KeyBank National Association, dated September 15, 2021 (incorporated by reference from Exhibit 10.54 of the 2021 Form 10-K).](https://www.sec.gov/Archives/edgar/data/64463/000175392622000384/g082656_ex10-54.htm) |
| 10.35 | [Promissory Note, by and between Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated, and KeyBank National Association, dated September 15, 2021 (incorporated by reference from Exhibit 10.55 of the 2021 Form 10-K).](https://www.sec.gov/Archives/edgar/data/64463/000175392622000384/g082656_ex10-55.htm) |
| 10.36 | [Form of Underwriter's Warrant (Incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on October 26, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000149315222029639/ex4-1.htm) |
| 10.37 | [Form of Addendum by and between the Company, Collateral Agent, and each purchaser identified on Schedule A hereto (Incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on July 20, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000175392622000942/g083091_ex10-1.htm) |
| 10.38 | [Form of Securities Purchase Agreement by and among the Company and the purchasers signatory thereto (Incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on July 20, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000175392622000942/g083091_ex10-2.htm) |

---

---

| | |
|:---|:---|
| 10.39 | [Form of Leak-Out Agreement by and between the Company and the signatory thereto (Incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on July 20, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000175392622000942/g083091_ex10-3.htm) |
| 10.40 | [Contribution Agreement by and between Soluna Holdings, Inc., Soluna SLC Fund I Projects Holdco, LLC, Soluna DV Devco, LLC, and Soluna DVSL ComputeCo, LLC, dated as of August 5, 2022 (Incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on August 11, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000175392622001052/g083132_ex10-1.htm) |
| 10.41 | [Form of Addendum Amendment by and Between the Company and the signatories thereof, dated September 13, 2022 (Incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on September 14, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000175392622001256/g083193_ex10-1.htm) |
| 10.42 | [Form of Series B Consent by and between the Company and the signatory thereof, dated September 13, 2022 (Incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on September 14, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000175392622001256/g083193_ex10-2.htm) |
| 10.43 | [Form of Securities Purchase Agreement by and between the Company and the purchasers named therein, dated December 5, 2022 (Incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on December 5, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000149315222034422/ex10-1.htm) |
| 10.44 | [Form of Warrant (Incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on December 5, 2022).](https://www.sec.gov/Archives/edgar/data/64463/000149315222034422/ex4-1.htm) |
| 10.45+ | [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) |
| 10.46+ | [Soluna Holdings, Inc. 2023 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/ex10-2.htm) |
| 10.47 | [Purchase of Membership Interests of Soluna DVSL Computeco LLC dated March 10, 2023 (incorporated by reference from Exhibit 10.64 of the Company's Form 10-K Report for the year ended December 31, 2022 filed on March 31, 2023 (the "2022 Form 10-K"))](https://www.sec.gov/Archives/edgar/data/64463/000149315223010333/ex10-64.htm) |
| 10.48 | [Fourth Amended and Restated LLC Agreement Soluna DVSL Computeco LLC (incorporated by reference from Exhibit 10.65 of the 2022 Form 10-K)](https://www.sec.gov/Archives/edgar/data/64463/000149315223010333/ex10-65.htm) |
| 10.49 | [Data Facility Lease (incorporated by reference from Exhibit 10.66 of the 2022 Form 10-K)](https://www.sec.gov/Archives/edgar/data/64463/000149315223010333/ex10-66.htm) |
| 10.50 | [Amended and Restated Contribution Agreement dated March 10, 2023 (incorporated by reference from Exhibit 10.67 of the 2022 Form 10-K)](https://www.sec.gov/Archives/edgar/data/64463/000149315223010333/ex10-67.htm) |
| 10.51 | [Power Purchase Agreement with Lighthouse Electric Cooperative, Inc. dated February 24, 2023 (incorporated by reference from Exhibit 10.68 of the 2022 Form 10-K)](https://www.sec.gov/Archives/edgar/data/64463/000149315223010333/ex10-68.htm) |
| 10.52 | [Second Addendum Amendment dated as of March 3, 2023 with Convertible Noteholders (incorporated by reference from Exhibit 10.69 of the 2022 Form 10-K)](https://www.sec.gov/Archives/edgar/data/64463/000149315223010333/ex10-69.htm) |
| 10.53 | [Second Amended Agreement dated May 11, 2023 (incorporated by reference to Exhibit 10.70 to the 2023 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315223017349/ex10-70.htm) |
| 10.54 | [Contribution Agreement by and among Navitas West Texas Investments, SPV, LLC, Soluna Computing, Inc., and Soluna DV ComputeCo, LLC dated as May 9, 2023 (incorporated by reference to Exhibit 10.71 to the 2023 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315223017349/ex10-71.htm) |
| 10.55 | [Amended and Restated Limited Liability Company Agreement of Soluna DV ComputeCo, LLC dated as May 9, 2023 (incorporated by reference to Exhibit 10.72 to the 2023 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315223017349/ex10-72.htm) |

---

---

| | |
|:---|:---|
| 10.56 | [Loan and Security Agreement Soluna DV ComputeCo, LLC and Navitas West Texas Investments, SPV, LLC dated as of May 9, 2023 (incorporated by reference to Exhibit 10.73 to the 2023 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315223017349/ex10-73.htm) |
| 10.57+ | [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) |
| 10.58 | [Dividend Payment Agreement with the holder of the Series B Preferred Stock (incorporated by reference to Exhibit 10.75 to the 2023 Second Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315223028446/ex10-75.htm) |
| 10.59 | [Third Amendment Agreement with the holders of the Company's Convertible Notes (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on November 22, 2023)](https://www.sec.gov/Archives/edgar/data/64463/000149315223042538/ex10-1.htm) |
| 10.60+ | [Amended and Restated Employment Agreement dated November 20, 2023 with John Belizaire (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on November 29, 2023)](https://www.sec.gov/Archives/edgar/data/64463/000149315223042994/ex10-1.htm) |
| 10.61+ | [Amendment No. 1 to Employment Agreement with Michael Toporeck (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on November 29, 2023)](https://www.sec.gov/Archives/edgar/data/64463/000149315223042994/ex10-2.htm) |
| 10.62 | [Fourth Amendment Agreement with holders of the Company's Convertible Notes (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on March 1, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224008481/ex10-1.htm) |
| 10.63 | [Employment agreement with John Tunison (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on April 3, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224013008/ex10-1.htm) |
| 10.64 | [Security Agreement between SDI Borrowing - 1, LLC and Soluna2 SLC Fund II Project Holdco LLC, dated as of May 16, 2024 (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on May 22, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224021002/ex10-1.htm) |
| 10.65 | [Equipment Loan Agreement between SDI Borrowing - 1, LLC and Soluna2 SLC Fund II Project Holdco LLC, dated as of May 16, 2024 (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on May 22, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224021002/ex10-2.htm) |
| 10.66 | [Form of Common Award Agreement- 2-year vest, 50% per year, no performance (incorporated by reference to Exhibit 10.82 to the Company's Form 10-Q for the period ended March 31, 2024 (the "2024 First Quarter Form 10-Q")](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-82.htm)) |
| 10.67 | [Form of Common Award Agreement- 3-year time vesting (2024 fixed date start) (incorporated by reference to Exhibit 10.83 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-83.htm) |
| 10.68 | [Form of Common Award Agreement- 3-year time vesting (2025 fixed date start) (incorporated by reference to Exhibit 10.84 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-84.htm) |
| 10.69 | [Form of Common Award Agreement- 3-year vest, 33% per year, no performance (incorporated by reference to Exhibit 10.85 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-85.htm) |
| 10.70 | [Form of Common Award Agreement- 4-year vest, 25% per year, no performance (incorporated by reference to Exhibit 10.86 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-86.htm) |
| 10.71 | [Form of Common Award Agreement- 5-year vest, 20% per year, no performance (incorporated by reference to Exhibit 10.87 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-87.htm) |

---

10.72 [Form of Common Award Agreement- Separation vesting (incorporated by reference to Exhibit 10.88 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-88.htm)

10.73 [Form of Preferred Award Agreement- Separation vesting (incorporated by reference to Exhibit 10.89 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-89.htm)

10.74 [Form of Preferred Award Agreement- Time vesting, June 1, 2025 Start date (incorporated by reference to Exhibit 10.90 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-90.htm)

10.75 [Form of Preferred Award Agreement- Time vesting, Start at 12 months (incorporated by reference to Exhibit 10.91 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-91.htm)

10.76 [Form of Preferred Award Agreement- Time vesting, Start at 18 months (incorporated by reference to Exhibit 10.92 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-92.htm)

10.77 [Form of Preferred Award Agreement- Time vesting, June 1, 2024 Start date (incorporated by reference to Exhibit 10.93 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-93.htm)

10.78 [Master Form of True Up Common Award Agreement- 2-year time based vesting (incorporated by reference to Exhibit 10.94 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-94.htm)

10.79 [Master Form of True Up Common Award Agreement- 3-year time based vesting (incorporated by reference to Exhibit 10.95 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-95.htm)

10.80 [Master Form of True Up Common Award Agreement- 3-year time vesting (2024 fixed date start) (incorporated by reference to Exhibit 10.96 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-96.htm)

10.81 [Master Form of True Up Common Award Agreement- 3-year time vesting (2025 fixed date start) (incorporated by reference to Exhibit 10.97 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-97.htm)

10.82 [Master Form of True Up Common Award Agreement- 4-year time based vesting (incorporated by reference to Exhibit 10.98 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-98.htm)

10.83 [Master Form of True Up Common Award Agreement- 5-year time based vesting (incorporated by reference to Exhibit 10.99 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-99.htm)

10.84 [Master Form of True Up Common Award Agreement- Separation vesting (incorporated by reference to Exhibit 10.100 to the 2024 First Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224020047/ex10-100.htm)

10.85 [Soluna Holdings, Inc. Fourth 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)

10.86 [Soluna Holdings, Inc. Fifth 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)

10.87 [Soluna Holdings, Inc. Second 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)

---

| | |
|:---|:---|
| 10.88 | [Side Letter Agreement, dated July 22, 2023 by and between Soluna Digital, Inc. and Soluna2 SLC Fund II Project Holdco LLC (incorporated by reference to Exhibit 10.101 to the Company's Form 10-Q for the period ended June 30, 2024 (the "2024 Second Quarter Form 10-Q")](https://www.sec.gov/Archives/edgar/data/64463/000149315224032123/ex10-101.htm)) |
| 10.89 | [Payoff Letter between SDI SL Borrowing - 1, LLC and Soluna2 SLC Fund II Project Holdco LLC, dated July 22, 2023 (incorporated by reference to Exhibit 10.102 to the 2024 Second Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224032123/ex10-102.htm) |
| 10.90 | [Assignment of Equipment and Debt Agreement by and between Soluna DVSL II Computeco, LLC and SDI SL Borrowing - 1, LLC, dated July 22, 2024 (incorporated by reference to Exhibit 10.103 to the 2024 Second Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224032123/ex10-103.htm) |
| 10.91 | [Assignment of Equipment Agreement by and between Soluna EPC Services, LLC and Soluna DVSL II Computeco, LLC, dated July 22, 2024 (incorporated by reference to Exhibit 10.104 to the 2024 Second Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224032123/ex10-104.htm) |
| 10.92 | [HPE Greenlake Services Custom Statement of Work, dated June 18, 2024 (incorporated by reference to Exhibit 10.105 to the 2024 Second Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224032123/ex10-105.htm) |
| 10.93# | [Promissory Note between Soluna AL Cloudco, LLC and \[\*\*\*\], dated June 20, 2024 (incorporated by reference to Exhibit 10.106 to the 2024 Second Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224032123/ex10-106.htm) |
| 10.94# | [Note Purchase Agreement by and among Soluna AL Cloudco, LLC, Soluna Cloud, Inc., Soluna Holdings, Inc. and \[\*\*\*\] (incorporated by reference to Exhibit 10.107 to the 2024 Second Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224032123/ex10-107.htm) |
| 10.95# | [Guaranty Agreement between Soluna Cloud, Inc. and \[\*\*\*\] dated June 20, 2024 (incorporated by reference to Exhibit 10.108 to the 2024 Second Quarter Form 10-Q)](https://www.sec.gov/Archives/edgar/data/64463/000149315224032123/ex10-108.htm) |
| 10.96 | [First Amendment to Note Purchase Agreement, dated July 12, 2024, by and between Soluna AL CloudCo, LLC, Soluna Cloud, Inc, Soluna Holdings, Inc. and GreenCloud Partners, LLC](https://www.sec.gov/Archives/edgar/data/64463/000164117225001756/ex10-98.htm) |
| 10.97 | [Standby Equity Purchase Agreement between the Company and YA PN, LTD. (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on September 9, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224035524/ex10-1.htm) |
| 10.98 | [Registration Rights Agreement between the Company and YA PN, LTD. (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on September 9, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224035524/ex10-2.htm) |
| 10.99 | [Consent, Waiver, and Mutual Release Agreement, dated October 1, 2024 (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on October 3, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224039310/ex10-1.htm) |
| 10.100 | [Form of Payment Agreement by and between the Company and Alpha Capital Anstalt, dated October 1, 2024 (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on October 3, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224039310/ex10-2.htm) |
| 10.101 | [Form of Payment Agreement by and between the Company and 3i, LP, dated October 1, 2024 (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on October 3, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224039310/ex10-3.htm) |
| 10.102 | [Form of Payment Agreement by and between the Company and Supereight Capital Holdings Ltd., dated October 1, 2024 (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on October 3, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224039310/ex10-4.htm) |
| 10.103 | [Form of Assignment and Assumption Agreement, dated October 1, 2024 (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on October 3, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224039310/ex10-5.htm) |
| 10.104 | [Amendment No. 1 to the Securities Purchase Agreement with the Series B Holder (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on October 3, 2024)](https://www.sec.gov/Archives/edgar/data/64463/000149315224039310/ex10-6.htm) |

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| | |
|:---|:---|
| 10.105 | [General Release Agreement by and between the Company and Univest Securities, LLC, dated October 1, 2024 (incorporated by reference to Exhibit 10.119 to the Company's Registration Statement on Form S-1 filed with the SEC on November 12, 2024).](https://www.sec.gov/Archives/edgar/data/64463/000149315224044873/ex10-119.htm) |
| 10.106 | [Conversion Agreement, dated December 12, 2024, between the Company and the Noteholders (incorporated by reference to the Company's Annual Report on Form 10-K filed with the SEC on March 31, 2025)](https://www.sec.gov/Archives/edgar/data/64463/000164117225001756/ex10-107.htm) |
| 10.107 | [Consent and Waiver Agreement between the Company and the Series B Holder, dated October 1, 2024 (incorporated by reference to Exhibit 10.120 to the Company's Registration Statement on Form S-1 filed with the SEC on January 15, 2025).](https://www.sec.gov/Archives/edgar/data/64463/000149315225002391/ex10-120.htm) |
| 10.108 | [Loan Agreement, dated as of March 12, 2025, by and among Soluna SW LLC, Soluna SW Holdings, LLC and Galaxy Digital LLC (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on March 18, 2025)](https://www.sec.gov/Archives/edgar/data/64463/000149315225010691/ex10-1.htm) |
| 10.109 | [Security Agreement, dated as of March 12, 2025, by and among Soluna SW LLC, Soluna SW Holdings, LLC and Galaxy Digital LLC (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on March 18, 2025)](https://www.sec.gov/Archives/edgar/data/64463/000149315225010691/ex10-2.htm) |
| 10.110 | [Limited Guaranty Agreement, dated as of March 12, 2025, between Soluna Digital, Inc. and Galaxy Digital LLC (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on March 18, 2025)](https://www.sec.gov/Archives/edgar/data/64463/000149315225010691/ex10-3.htm) |
| 10.111 | [Modification Agreement, dated March 21, 2025, by and between Soluna AL CloudCo, LLC, Soluna Cloud, Inc., the Company, and the Investor (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on March 27, 2025)](https://www.sec.gov/Archives/edgar/data/64463/000164117225000946/ex10-1.htm) |
| 10.112 | [At the Market Offering Agreement, dated April 29, 2025, by and between Soluna Holdings, Inc. and H.C. Wainwright & Co., LLC (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on April 29, 2025)](https://www.sec.gov/Archives/edgar/data/64463/000164117225006679/ex1-1.htm) |
| 10.113\*\* | [Form of Securities Purchase Agreement to be entered into in this Offering.](https://www.sec.gov/Archives/edgar/data/64463/000164117225015179/ex10-113.htm) |
| 21.1 | [Subsidiaries of Securities (incorporated by reference to the Company's Annual Report on Form 10-K filed with the SEC on March 31, 2025)](https://www.sec.gov/Archives/edgar/data/64463/000164117225001756/ex21.htm) |
| 23.1\*\* | [Consent of UHY LLP.](https://www.sec.gov/Archives/edgar/data/64463/000164117225015179/ex23-1.htm) |
| 23.2\* | [Consent of Brownstein Hyatt Farber Schreck, LLP (including as part of Exhibit 5.1).](ex5-1.htm) |
| 23.3\* | [Consent of Lowenstein Sandler LLP (including as part of Exhibit 5.2).](ex5-2.htm) |
| 24.1\*\* | [Power of Attorney.](https://www.sec.gov/Archives/edgar/data/64463/000164117225012098/forms-1.htm#poa) |
| 107\*\* | [Filing Fee Table](https://www.sec.gov/Archives/edgar/data/64463/000164117225015179/ex107.htm) |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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\* Filed herewith. <br> \*\* Previously filed. <br> † Indicates a management contract or compensation plan, contract or arrangement.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant 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 July 11, 2025.

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| | |
|:---|:---|
| **SOLUNA HOLDINGS, INC.** | **SOLUNA HOLDINGS, INC.** |
| By: | */s/ John Belizaire* |
|  | John Belizaire |
|  | Chief Executive Officer and Director |
|  | (Principal Executive Officer) |
| By: | */s/ John Tunison* |
|  | John Tunison |
|  | Chief Financial Officer |
|  | (Principal Financial and Accounting Officer) |

---

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 dates indicated.

---

| | | |
|:---|:---|:---|
| Person | Capacity | Date |
| */s/ John Belizaire* | Chief Executive Officer, Director | July 11, 2025 |
| John Belizaire | (Principal Executive Officer) |  |
| */s/ John Tunison* | Chief Financial Officer, Director | July 11, 2025 |
| John Tunison | (Principal Financial Officer) |  |
| *\** | Chief Accounting Officer | July 11, 2025 |
| Jessica L. Thomas | (Principal Accounting Officer) |  |
| *\** | Executive Chairman | July 11, 2025 |
| Michael Toporek |  |  |
| *\** | Director | July 11, 2025 |
| David Michaels |  |  |
| *\** | Director | July 11, 2025 |
| Edward R. Hirshfield |  |  |
| *\** | Director | July 11, 2025 |
| Matthew E. Lipman |  |  |
| *\** | Director | July 11, 2025 |
| Thomas J. Marusak |  |  |
| *\** | Director | July 11, 2025 |
| William Hazelip |  |  |
| *\** | Director | July 11, 2025 |
| William Phelan |  |  |
| *\** | Director | July 11, 2025 |
| 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 |

---

July 11, 2025

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 the Registration Statement on Form S-1 (File No. 333-287519) (as amended through the date hereof, the "<u>Registration Statement</u>"), including the prospectus contained therein (the "<u>Prospectus</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 offering and sale by the Company of (i) such number of shares (the "<u>Common Shares</u>") of the Company's common stock, par value $0.001 per share (the "<u>Common Stock</u>") having an aggregate offering price of up to $5,000,000; (ii) pre-funded warrants (the "<u>Pre-Funded Warrants</u>") to purchase such number of shares of Common Stock having an aggregate offering price of up to $5,000,000 (the "<u>Pre-Funded Warrant Shares</u>"); (iii) Series A Warrants (the "<u>Series A Warrants</u>") to purchase such number of shares of Common Stock having aggregate offering price of up to $5,000,000 (the "<u>Series A Warrant Shares</u>"); (iv) Series B Warrants issued (together with the Series A Warrants, the "<u>Purchaser Warrants</u>") to purchase such number of shares of Common Stock having an aggregate offering price of up to $5,000,000 (together with the Series A Warrant Shares, the "<u>Purchaser Warrant Shares</u>"); and (v) warrants issued to H.C. Wainwright & Co. ("<u>HCW</u>"), as placement agent (the "<u>Placement Agent Warrants</u>", and together with the Pre-Funded Warrants and the Purchaser Warrants, the "<u>Warrants</u>") to purchase such number of shares of Common Stock equal to 5.0% of the aggregate number of shares of Common Stock to be sold pursuant to the Registration Statement, with an exercise price equal to 125% of the public offering price per share of Common Stock (the "<u>Placement Agent Warrant Shares</u>" and together with the Pre-Funded Warrant Shares and Purchaser Warrant Shares, the "<u>Warrant Shares</u>"), all pursuant to one or more securities purchase agreements (each, a "<u>Purchase Agreement</u>"), by and between the Company and each of the purchasers identified on the signature pages thereto (collectively, the "<u>Purchasers</u>"), or pursuant to that certain Engagement Letter, dated as of April 29, 2025 (the "<u>Engagement Letter</u>"), by and between the Company and HCW, as applicable. The Common Shares and the Warrant Shares are hereinafter collectively referred to as the "<u>Shares</u>" and the Shares and the Warrants are hereinafter collectively referred to as the "<u>Securities</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.

**www.bhfs.com**

Soluna Holdings, Inc. <br> July 11, 2025 <br> Page 2

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, issuance and sale of the Securities as contemplated by the Transaction Documents (as defined below) and as described in the Registration Statement and Prospectus. For purposes of this opinion letter, and except to the extent set forth in the opinions below, we have assumed that all such proceedings have been or will be timely completed in the manner presently proposed in the Transaction Documents, the Registration Statement and the Prospectus (including, without limitation, with respect to the assumed combined public offering price of the Securities as stated in the Registration Statement and Prospectus).

For purposes of issuing this opinion letter, 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 and Prospectus, (ii) the Engagement Letter, (iii) the form of Purchase Agreement and the forms of each of the Warrants, each as filed as exhibits to the Registration Statement (together with the Engagement Letter, the "<u>Transaction Documents</u>"); (iii) the articles of incorporation and bylaws of the Company; and (iv) such agreements, instruments, resolutions of the board of directors of the Company and committees thereof and other corporate records, and such instruments and other documents as we have deemed necessary or appropriate for the purpose of issuing this opinion letter, and we have obtained from officers and other representatives and agents of the Company and from public officials, and have relied upon, such certificates, representations and assurances, and public filings, as we have deemed necessary or appropriate.

Without limiting the generality of the foregoing, in our examination, we have, with your permission, assumed without independent verification: (i) each agreement, instrument or other document (or form thereof) we have reviewed or which is referenced herein (including, without limitation, each of the Transaction Documents) has been or will be duly executed and delivered by the parties thereto to the extent due execution and delivery are prerequisites to the effectiveness thereof; (ii) the statements of fact and all representations and warranties set forth in the Transaction Documents and in any other documents we have reviewed are, and when any Securities are issued will be, true and correct as to factual matters, in each case as of the date or dates of such documents and as of the date hereof; (iii) each natural person executing a document at all relevant times had, has, or at the time of such execution will have, sufficient legal capacity to do so; (iv) all documents submitted to us as originals are authentic, the signatures on all documents that we have examined are genuine and all documents submitted to us as certified, conformed, photostatic, facsimile or electronic copies conform to the original document; (v) all corporate records made available to us by the Company, and all public records we have reviewed, are accurate and complete; (v) the obligations of each party set forth in the Transaction Documents and in any other documents we have reviewed are, and when any Securities are issued will be, its valid and binding obligations, enforceable against such party in accordance with their respective terms; and (vii) after any issuance of 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, arrangement, plan or otherwise, will not exceed the total number of shares of Common Stock then authorized under the Company's articles of incorporation.

Soluna Holdings, Inc. <br> July 11, 2025 <br> Page 3

We are qualified to practice law in the State of Nevada. The opinions set forth herein are 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 or 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, or any orders, consents or other authorizations or approvals as may be required by, 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 upon 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Warrants have been duly authorized by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Common Shares have been duly authorized by the Company, and if, when and to the extent any Common Shares are issued and sold in accordance with all applicable terms and conditions set forth in, and in the manner contemplated by, the relevant Transaction Documents, and as described in the Registration Statement and Prospectus (including payment in full of any and all consideration required for such Common Shares), such Common Shares will be validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Warrant Shares have been duly authorized by the Company, and if, when and to the extent any Warrant Shares are issued in accordance with all applicable terms and conditions of, and in the manner contemplated by, the relevant Transaction Documents, and as described in the Registration Statement and Prospectus (including due and proper exercise of the relevant Warrant(s) in accordance therewith and payment in full of any and all consideration for such Warrant Shares as required thereunder), such Warrant Shares will be validly issued, fully paid and nonassessable.

The opinions expressed herein are 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 opinions set forth herein or to apprise you of any changes in any laws or facts after such time as the Registration Statement is declared effective. 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 opinions set forth herein.

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the reference to our firm therein under the heading "Legal Matters". 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. Subject to all of the qualifications, limitations, restrictions, exceptions and assumptions set forth herein, Lowenstein Sandler LLP may rely on this opinion letter as if it were an addressee hereof on this date for the sole purpose of issuing its opinion letter to the Company relating to the validity of the Warrants, as filed with the Commission as an exhibit to the Registration Statement.

Very truly yours,

/s/ Brownstein Hyatt Farber Schreck, LLP

## Exhibit 5.2

**Exhibit 5.2**

![A black text on a white background AI-generated content may be incorrect.](ex5-2_001.jpg)

July 11, 2025

Soluna Holdings, Inc.

325 Washington Ave Extension

Albany, New York 12205

Ladies and Gentlemen:

We have acted as counsel to Soluna Holdings, Inc., a Nevada corporation (the "**Company**") in connection with the proposed sale and issuance of (i) such number of shares of the Company's common stock, par value $0.001 per share (the "**Common Stock**" and such shares, the "**Shares**"), having an aggregate offering price of up to $5,000,000, (ii) Series A common stock warrants (the "**Series A Common Warrants**") to purchase such number of shares of Common Stock having an aggregate offering price of up to $5,000,000 (the "**Series A Common Warrant Shares**"), (iii) Series B common stock warrants (the "**Series B Common Warrants**" and, together with the Series A Common Warrants, the "**Common Warrants**") to purchase such number of shares of Common Stock having an aggregate offering price of up to $5,000,000 (the "**Series B Common Warrant Shares**" and, together with the Series A Common Warrant Shares, the "**Common Warrant Shares**") (iv) pre-funded warrants (the "**Pre-Funded Warrants**") to purchase such number of shares of Common Stock having an aggregate offering price of up to $5,000,000 (the "**Pre-Funded Warrant Shares**"), and (v) placement agent warrants issued to H.C. Wainwright & Co. ("**HCW**"), as the placement agent (the "**Placement Agent Warrants**" and, collectively with the Common Warrants and the Pre-Funded Warrants, the "**Warrants**") to purchase such number of shares of Common Stock equal to 5.0% of the aggregate number of shares of Common Stock to be sold in this offering with an exercise price equal to 125% of the public offering price per share of Common Stock (the "**Placement Agent Warrant Shares**" and, collectively with the Common Warrant Shares and the Pre-Funded Warrant Shares, the "**Warrant Shares**") pursuant to the Registration Statement on Form S-1 (Registration No. 333-287519) filed by the Company with the Securities and Exchange Commission (the "**Commission**") under the Securities Act of 1933, as amended (the "**Securities Act**") (as amended, the "**Registration Statement**"), and the related prospectus contained therein (the "**Prospectus**"). The Shares, the Warrants and the Warrant Shares are to be sold pursuant to a Securities Purchase Agreement (the "**Purchase Agreement**") between the Company and each purchaser signatory thereto (each, a "**Purchaser**" and collectively, the "**Purchasers**") or pursuant to that certain Engagement Letter, dated as of April 29, 2025, by and between the Company and HCW, as applicable.

As counsel to the Company in connection with the proposed potential issuance and sale of the above-referenced Shares, Warrants and Warrant Shares, we have reviewed the Registration Statement, Prospectus and the respective exhibits thereto. We have also reviewed such corporate documents and records of the Company, such certificates of public officials and officers of the Company and such other matters as we have deemed necessary or appropriate for purposes of this opinion. In our examination, we have assumed: (i) the authenticity of original documents and the genuineness of all signatures; (ii) the conformity to the originals of all documents submitted to us as copies; (iii) the truth, accuracy and completeness of the information, representations and warranties contained in the instruments, documents, certificates and records we have reviewed; (iv) that, as set forth in a separate opinion delivered to the Company on the date hereof by Brownstein Hyatt Farber Schreck, LLP, special Nevada counsel to the Company, the Warrants, the Shares and the Warrant Shares have been duly authorized; and (v) the legal capacity for all purposes relevant hereto of all natural persons and, with respect to all parties to agreements or instruments relevant hereto other than the Company, that such parties had the requisite power and authority (corporate or otherwise) to execute, deliver and perform such agreements or instruments, that such agreements or instruments have been duly authorized by all requisite action (corporate or otherwise), executed and delivered by such parties and that such agreements or instruments are the valid, binding and enforceable obligations of such parties. As to any facts material to the opinions expressed herein that were not independently established or verified, we have relied upon oral or written statements and representations of officers and other representatives of the Company.

Based on the foregoing, and subject to the assumptions, limitations and qualifications set forth herein, we are of the opinion that when the Warrants are duly executed and delivered by the Company and paid for by certain purchasers, such Warrants will constitute the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with their terms, subject to bankruptcy, insolvency or other similar laws affecting creditors' rights and to general equitable principles.

The opinion set forth above is subject to the following exceptions, limitations and qualifications: (i) the effect of bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws now or hereafter in effect relating to or affecting the rights and remedies of creditors; (ii) the effect of general principles of equity, including without limitation, concepts of materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific performance or injunctive relief, regardless of whether enforcement is considered in a proceeding in equity or at law, and the discretion of the court before which any proceeding therefor may be brought; and (iii) the unenforceability under certain circumstances under law or court decisions of provisions providing for the indemnification of, or contribution to, a party with respect to liability where such indemnification or contribution is contrary to public policy. We express no opinion concerning the enforceability of any waiver of rights or defenses with respect to stay, extension or usury laws.

Our opinion is limited to the laws of New York. We express no opinion as to the effect of the law of any other jurisdiction. Our opinion is rendered as of the date hereof, and we assume no obligation to advise you of changes in law or fact (or the effect thereof on the opinions expressed herein) that hereafter may come to our attention. We advise you that matters of Nevada law are covered in the opinion of Brownstein Hyatt Farber Schreck, LLP, special Nevada counsel for the Company, in Exhibit 5.1 to the Registration Statement.

We hereby consent to the inclusion of this opinion as Exhibit 5.2 to the Registration Statement and to the references to our firm under the caption "Legal Matters" in the Prospectus which is a part of the Registration Statement. In giving our consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations promulgated thereunder.

Very truly yours,

/s/ Lowenstein Sandler LLP

LOWENSTEIN SANDLER LLP