Soluna Holdings, Inc.Announces Closing of Public Offering of $ 1.17 Million of Series A Preferred Shares Resulting from Full Exercise of the Over-Allotment Option

ALBANY, NY, Jan.5, 2022 (GLOBE NEWSWIRE) – via NewMediaWire – Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a cryptocurrency mining company powered by Renewable Energy, and MTI Instruments, Inc. (“MTI Instruments”), an instrumentation and test and measurement systems company, today announced that it has completed an over-allotment offer for the issuance and sale of 66,857 additional shares (the “Option Shares”) of its 9.0% Cumulative Perpetual Preferred Shares Series A, with a par value of $ 0.001 per share (“Series A Preferred Shares”), to the underwriters for its previously announced public offering of Series A preferred shares.

The underwriters fully exercised this over-allotment option for these additional shares of Series A preferred shares at a public price of $ 17.50 per share, which generated additional gross proceeds of approximately $ 1.17 million. , less any discounts applicable to the Underwriters and the estimated offering costs. The first dividend on these Series A preferred shares will be paid on January 31, 2022, which will include a period of less than a full month after the issuance of such Series A preferred shares and will cover the period from January 5. , 2022 to January 31, 2022.

The Series A preferred shares are listed on the Nasdaq Stock Market LLC under the symbol “SLNHP”.

SHI intends to use the net proceeds of the offering for the acquisition, development and growth of data centers, including cryptocurrency mining processors, other computer processing equipment, data storage, electrical infrastructure, software and real estate, and business, and for working capital and general business purposes, which include, but are not limited to, operating expenses .

Series A preferred shares are perpetual and have no expiration date. The Series A preferred shares are not redeemable until August 23, 2026, except in certain circumstances. On or after August 23, 2026, the Series A preferred shares may be redeemed at the option of the Company, in whole or in part, from time to time, at a redemption price of $ 25.00 per share of the preferred stock. Series A, plus all accrued and unpaid dividends (whether declared or not) on the Series A preferred shares up to, but not including, the date of such redemption. Series A preferred shares may also be redeemed in the event of delisting or change of control.

Univest Securities, LLC acted as the sole book manager for this offering.

The offering was made pursuant to a prospectus supplement to the base prospectus included in the registration statement of the Company on Form S-3, as amended (File No. 333-261427) (the “Declaration Registration Statement ”), which registration statement was previously filed with and subsequently declared effective by the Securities and Exchange Commission (“ SEC ”) on December 16, 2021. This Prospectus Supplement and the Base Prospectus which the accompanying documents regarding the offer have been filed with the SEC and are available on the SEC’s website at http://www.sec.gov. Electronic copies of this Prospectus Supplement and the accompanying Base Prospectus relating to this Offer may be obtained from Univest Securities, LLC, 75 Rockefeller Plaza, Suite 1838, New York, NY 10019, by telephone (212) 343 -8888 or by e-mail info @ univest.us.

This press release does not constitute an offer to sell or the solicitation of an offer to buy such securities, and there will be no sale of such securities in any state or jurisdiction where such an offer, solicitation or sale would be illegal before registration or qualification under the securities laws of any such state or jurisdiction.

About Soluna Holdings, Inc.

Soluna Holdings, Inc. (NASDAQ: SLNH) is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular and scalable data centers for intensive and batchable IT applications such as cryptocurrency mining, AI and machine learning. Soluna offers a cost effective alternative to battery storage or transmission lines. Soluna’s MTI Instruments division manufactures precision tools and test equipment for electronics, aviation, automotive, power and other industries. Soluna and MTI Instruments use technology and intentional design to solve complex and real challenges. Up to 30% of the power of renewable energy projects can be wasted. Soluna’s data centers allow owners of clean electricity assets to ‘Sell’. All. Megawatt.’

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

Forward-looking statements

The statements contained in this press release, including with respect to the intended use of the proceeds of this offering, constitute forward-looking statements within the meaning of federal securities laws. Forward-looking statements reflect management’s current expectations as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such statements. prospective. Actual results could differ materially from those expressed or implied by these forward-looking statements due to various factors, including, but not limited to: (1) the risk factors set forth in the registration statement and supplement prospectus; and (2) other risks and uncertainties which may be detailed from time to time in SHI’s reports filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of their publication. Except as required by law, the Company assumes no obligation to update or revise forward-looking statements.

Investor Relations:

Kirin Smith, President
PCG Consulting, Inc.
646.823.8656
Ksmith@pcgadvisory.com

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