Soluna Holdings director sells preferred shares around $9.70–$9.90

Soluna Holdings, Inc. reported that a company director sold shares of its 9.0% Series A Cumulative Perpetual Preferred Stock over three days in December 2025.

Rhea-AI Filing Summary

Soluna Holdings, Inc. reported that a company director sold shares of its 9.0% Series A Cumulative Perpetual Preferred Stock over three days in December 2025. On 12/10/2025, the director sold 2,000 preferred shares at an average price of $9.70 per share, leaving 11,748 shares beneficially owned. On 12/11/2025, the director sold 741 preferred shares at $9.90 per share, reducing holdings to 11,007 shares. On 12/12/2025, the director sold another 2,000 preferred shares at an average price of $9.76 per share, and directly beneficial ownership stood at 9,007 preferred shares after these transactions.

Insider Trade Summary

Net Seller: 4,741 shares

Net Sell 3 txns

Insider Hirshfield Edward R

Role Director

Sold 4,741 shs ($46K)

Type	Security	Shares	Price	Value
Sale	9.0% Series A Cumulative Perpetual Preferred Stock	2,000	$9.76	$20K
Sale	9.0% Series A Cumulative Perpetual Preferred Stock	741	$9.90	$7K
Sale	9.0% Series A Cumulative Perpetual Preferred Stock	2,000	$9.70	$19K

Holdings After Transaction: 9.0% Series A Cumulative Perpetual Preferred Stock — 9,007 shares (Direct)

Footnotes (2)

1. F1. Represents the average sales price of shares sold ranging from $9.69- $9.71 per share of 9.0% Series A Cumulative Preferred Stock. Mr. Hirshfield undertakes that he will provide, upon request by the staff of the U.S. Securities and Exchange Commission, full information regarding the number of shares sold in each separate lot.
2. F2. Represents the average sales price of shares sold ranging from $9.72- $9.79 per share of 9.0% Series A Cumulative Preferred Stock. Mr. Hirshfield undertakes that he will provide, upon request by the staff of the U.S. Securities and Exchange Commission, full information regarding the number of shares sold in each separate lot.

FAQ

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What insider transaction did Soluna Holdings (SLNH) report in this filing?

A director of Soluna Holdings, Inc. reported selling shares of the company’s 9.0% Series A Cumulative Perpetual Preferred Stock in three separate transactions in December 2025.

What securities were sold by the Soluna Holdings director?

The transactions involved 9.0% Series A Cumulative Perpetual Preferred Stock, which trades under the symbol SLNHP.

On what dates did the Soluna Holdings director sell preferred shares?

The sales took place on 12/10/2025, 12/11/2025, and 12/12/2025, as shown in the non-derivative securities table.

How many Soluna preferred shares did the director sell in each transaction?

The director sold 2,000 preferred shares on 12/10/2025, 741 preferred shares on 12/11/2025, and 2,000 preferred shares on 12/12/2025.

At what prices were the Soluna preferred shares sold?

The reported sales prices were an average of $9.70 per share on 12/10/2025, $9.90 per share on 12/11/2025, and an average of $9.76 per share on 12/12/2025.

How many Soluna preferred shares does the director own after these transactions?

Following the reported sales, the director directly beneficially owned 9,007 shares of 9.0% Series A Cumulative Perpetual Preferred Stock.

Are there any derivative securities reported in this Soluna Holdings insider filing?

The section for derivative securities is included but does not list any specific derivative transactions or holdings for this director.

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Accepted by SEC EDGAR 12/12/2025 - 04:30 PM EST Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hirshfield Edward R

(Last) (First) (Middle)

C/O SOLUNA HOLDINGS, INC.

325 WASHINGTON AVENUE EXTENSION

(Street)

ALBANY NY 12205

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Soluna Holdings, Inc [ SLNHP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
9.0% Series A Cumulative Perpetual Preferred Stock	12/10/2025		S		2,000	D	$9.7(1)	11,748	D
9.0% Series A Cumulative Perpetual Preferred Stock	12/11/2025		S		741	D	$9.9	11,007	D
9.0% Series A Cumulative Perpetual Preferred Stock	12/12/2025		S		2,000	D	$9.76(2)	9,007	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents the average sales price of shares sold ranging from $9.69- $9.71 per share of 9.0% Series A Cumulative Preferred Stock. Mr. Hirshfield undertakes that he will provide, upon request by the staff of the U.S. Securities and Exchange Commission, full information regarding the number of shares sold in each separate lot.

2. Represents the average sales price of shares sold ranging from $9.72- $9.79 per share of 9.0% Series A Cumulative Preferred Stock. Mr. Hirshfield undertakes that he will provide, upon request by the staff of the U.S. Securities and Exchange Commission, full information regarding the number of shares sold in each separate lot.

	/s/ Christopher Gandolfo, Attorney in Fact	12/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.