Soluna Holdings, Inc. Announces Pricing of $2 million Underwritten Public Offering of Common Stock

ALBANY, NY–(Business Wire)–Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), Soluna Computing, Inc. The parent company of (“SCI”), a developer of green data centers for cryptocurrency mining and other intensive computing, today announced the pricing of a previously announced underwritten public offering of 1,388,889 shares of its common stock, priced at $1.44 per share. The Company will issue to Soluna SLC Fund I Projects Holdco LLC, or Spring Lane, 593,065 shares of common stock to Spring Lane, with an aggregate principal amount of $850,000 plus accrued and unpaid interest thereon. Price per share equal to public offering price per share set above by Spring Lane.

Univest Securities, LLC is acting as the sole book-running manager for the underwritten public offering.

In connection with the underwritten public offering, the Company has granted the underwriters a 45-day option to purchase an additional 208,333 shares of common stock at a public offering price of $1.44 per share, less underwriting discounts and commissions. Allocation, if any. The offering is expected to close on or about October 26, 2022, subject to the satisfaction of customary closing conditions.

Soluna expects to use the net proceeds of the offering for the acquisition, development and growth of data centers, including, but not limited to, cryptocurrency mining processors, other computer processing equipment, data storage, electrical infrastructure, software, real property and businesses. its development site in Texas and for general corporate purposes. Common corporate purposes may include working capital and capital expenditures.

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Shares of common stock to be issued in an underwritten public offering are offered and sold pursuant to a shelf registration statement on Form S-3. (File No. 333-261427), together with a base prospectus, filed with the US Securities and Exchange Commission (“SEC”) and declared effective on December 16, 2021. The offer will be made by written prospectus only. A preliminary prospectus supplement describing the terms of the offering and an accompanying prospectus have been filed with the SEC at its website at www.sec.gov. The final prospectus supplement will be filed with the SEC and, once filed, will be available on the SEC website at http://www.sec.gov. Copies of the final prospectus supplement and the base prospectus relating to the offering, once filed, may also be obtained from Univest Securities, LLC, 75 Rockefeller Plaza, 18th Floor, New York, NY 10019, by phone at (212) 343-8888. Or e-mail [email protected]

This press release does not constitute an offer or solicitation of an offer to buy these securities, nor will these securities be sold in any state in which such offer, solicitation or sale would be illegal prior to registration or qualification. securities laws of any such state or jurisdiction.

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About Soluna Holdings, Inc. (SLNH).

Soluna Holdings, Inc. It is a leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for compute intensive, batchable applications such as cryptocurrency mining, AI and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna uses technology and intentional design to solve complex, real-world challenges. Renewable energy projects can waste up to 30% of energy. Soluna’s data centers enable ‘selling’ clean electricity to asset owners. each megawatt.’

For more information about Soluna, please visit www.solunacomputing.com or follow us on Linkedin at linkedin.com/solunaholdings and on Twitter @SolunaHoldings.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terminology such as “will,” “anticipate,” “anticipate,” “future.” “intend,” “plan,” “believe,” “estimate,” “confidence” and similar statements. These forward-looking statements contain, among others, statements related to the completion of the public offering and the proceeds expected therefrom. Actual results may differ materially from those projected or implied in these forward-looking statements. Factors that could cause such differences include, without limitation, risks and uncertainties related to the satisfaction of customary closing conditions associated with the offering, the intended use of proceeds from the offering and the impact of general economic, industry or political conditions in the United States. states or internationally. You should not place undue reliance on these forward-looking statements. Additional risks and uncertainties related to the proposed offering, Soluna and its business can be found under the heading “Risk Factors” included in Soluna’s Annual Report on Form 10-K for the year ended December 31, 2021, Soluna’s preliminary prospectus supplement filed with the SEC on October 21, 2022 and the SEC. final prospectus supplement to be made and other filings that Soluna may make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and Soluna expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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