Form 4: Soluna Holdings CFO Sells Common and Preferred Stock

Soluna Holdings' CFO, David C. Michaels, sold common and preferred stock on December 12, 2025, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• David C. Michaels, Chief Financial Officer and Director of Soluna Holdings, Inc. (SLNH), reported transactions on December 12, 2025.
• Michaels disposed of 1,017 shares of Common Stock at a price of $2.19 per share.
• Following the Common Stock transaction, Michaels beneficially owns 1,179,787 shares of Common Stock, representing 9.0% ownership.
• Michaels also disposed of 5,669 shares of 9.0% Series A Cumulative Perpetual Preferred Stock at a price of $9.26 per share.
• After the Preferred Stock transaction, Michaels beneficially owns 52,977 shares of 9.0% Series A Cumulative Perpetual Preferred Stock.
• The transactions were made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities of the issuer, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to insider selling, but mitigated by the fact that the transactions were conducted under a pre-arranged Rule 10b5-1 plan, which suggests the sales were not based on new, non-public information.

Negatives

• Insider selling, even under a Rule 10b5-1 plan, can sometimes be perceived negatively by investors as it may suggest a lack of confidence in the company's future prospects, although this is not always the case for pre-scheduled sales.

Stakeholder Impact

• Shareholders may interpret the insider sale as a signal, though the Rule 10b5-1 plan suggests it's part of a pre-determined financial strategy rather than a reaction to recent company performance.

Key Dates

Keywords

Soluna Holdings, SLNH, insider trading, Form 4, stock sale, CFO, David C. Michaels, common stock, preferred stock, Rule 10b5-1