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Univest Securities, LLC Announces Closing of $7.8 Million Series A Preferred Stock Offering For Its Client Soluna Holdings, Inc.

Univest Securities, LLC, a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, announced the closing of an underwritten public offering of 445,714 shares of 9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share, with a $25.00 liquidation preference per share (the “Series A Preferred Stock”), at a price to the public of $17.50 per share by its client Soluna Holdings, Inc. the parent company of Soluna Computing, Inc. (“SCI”), a cryptocurrency mining business powered by renewable energy, and MTI Instruments, Inc. (“MTI Instruments”), a test and measurement instruments and systems business. The Company received aggregate gross proceeds of approximately $7.8 million, before deducting underwriting discounts and other estimated offering fees and expenses. The offering is a re-opening of the original issuance of Series A Preferred Stock, which occurred on August 23, 2021. The additional shares of Series A Preferred Stock will form a single series, and be fully fungible, with the outstanding shares of the Series A Preferred Stock. The first dividend on the Series A Preferred Stock offered pursuant to the offering will be paid on January 31, 2022, which will include a period of less than a full month after the issuance of the Series A Preferred Stock and will cover the period from December 28, 2021 through January 31, 2022.

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

The Company has granted Univest Securities, LLC a 45-day option to purchase up to an additional 66,857 shares of the Series A Preferred Stock (representing 15% of the shares of the Series A Preferred Stock being sold in the offering) to cover over-allotments, if any. Univest Securities, LLC may exercise this option at any time and from time to time during the 45-day period from the closing of the offering.

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 property, and business, and for working capital and general corporate purposes, which include, but are not limited to, operating expenses.

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PREDICTIONS-SERIES-2022

The Series A Preferred Stock is perpetual and has no maturity date. The Series A Preferred Stock is not redeemable prior to August 23, 2026, except under certain circumstances. On or after August 23, 2026, the Series A Preferred Stock may be redeemed at the Company’s option, in whole or in part, from time to time, at a redemption price of $25.00 per share of Series A Preferred Stock, plus all dividends accumulated and unpaid (whether or not declared) on the Series A Preferred Stock up to, but not including, the date of such redemption. The Series A Preferred Stock may also be redeemed upon the occurrence of certain delisting or change in control events.

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[To share your insights with us, please write to sghosh@martechseries.com]

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