[Form 4] Soluna Holdings, Inc Insider Trading Activity

Rhea-AI Filing Summary

Soluna Holdings, Inc. director reports preferred stock transactions. A company director filed a Form 4 disclosing activity in the 9.0% Series A Cumulative Perpetual Preferred Stock of Soluna Holdings, Inc. [SLNHP]. On 11/19/2025 the director sold 100 shares at $7.58 per share, and on 11/20/2025 sold an additional 500 shares at $7.80 per share. On 11/21/2025, 36,500 shares were reported as a transaction coded “G” at a price of $0, indicating a transfer such as a gift. Following these transactions, the director beneficially owned 134,971 shares of the preferred stock, held directly.

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

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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^*

Phelan William P

(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)
11/19/2025

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	11/19/2025		S		100	D	$7.58	171,971	D
9.0% Series A Cumulative Perpetual Preferred Stock	11/20/2025		S		500	D	$7.8	171,471	D
9.0% Series A Cumulative Perpetual Preferred Stock	11/21/2025		G		36,500	D	$0	134,971	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:

	/s/ Christopher Gandolfo, Attorney in Fact	11/21/2025
	** 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.

FAQ

What insider trades were reported for Soluna Holdings, Inc. (SLNH) on this Form 4?

The Form 4 reports that a director of Soluna Holdings, Inc. sold 100 shares of its 9.0% Series A Cumulative Perpetual Preferred Stock on 11/19/2025 at $7.58 per share and 500 shares on 11/20/2025 at $7.80 per share, and also reported a 36,500-share transaction on 11/21/2025 coded “G” at a price of $0.

Which Soluna Holdings (SLNH) security is involved in this Form 4 filing?

The transactions involve 9.0% Series A Cumulative Perpetual Preferred Stock of Soluna Holdings, Inc., which is identified with the trading symbol SLNHP.

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

After the reported transactions, the director beneficially owned 134,971 shares of Soluna’s 9.0% Series A Cumulative Perpetual Preferred Stock, held with direct ownership.

What do the transaction codes S and G mean in this Soluna Form 4?

In this Form 4, the code “S” is used for open market or private sale transactions of the preferred shares, while the code “G” at a price of $0 indicates a transfer such as a gift of 36,500 shares.

Is the reporting person a director or officer of Soluna Holdings (SLNH)?

The filing identifies the reporting person as a Director of Soluna Holdings, Inc., with the Form 4 marked as being filed by one reporting person.

Were any derivatives of Soluna Holdings (SLNH) reported in this Form 4?

The Form 4 includes a section for Derivative Securities, but no derivative transactions or holdings are listed in the provided Table II excerpt.