Company: HSDTW
Filing Date: 2025-05-23
Form Type: S-1
Source: 0001104659-25-052494
Chunk: 20

Company: Solana Co
Filing Date: 2025-05-23
Form: S-1
Chunk 20
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 upon exercise, but instead would receive upon such exercise the number of shares of common stock equal to the product of (x) the aggregate number of shares of common stock that would be issuable upon a cash exercise of the common warrant and (y) two (2). Accordingly, it is highly unlikely that a holder of the common warrants would wish to pay an exercise price in cash to receive one common stock when they could instead choose the zero cash exercise option and pay no cash to receive up to fifteen (15) shares of common stock if the exercise price decreases to and equals the floor price at the time of such election. As a result, we will likely not receive any additional funds and do not expect to receive any additional funds upon the exercise of the common warrants.

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TABLE OF CONTENTS

If you purchase our common stock in this offering, you will incur immediate and substantial dilution in the net tangible book value of your shares, and future sales or dilution of our equity, including the issuance of shares from common warrants exercises which will result in severe dilution, could adversely affect the market price of our common stock.

The public offering price will be substantially higher than the as adjusted net tangible book value per share of our common stock after this offering. Investors purchasing common stock in this offering will pay a price per share that substantially exceeds the as adjusted net tangible book value per share after this offering. As a result, investors purchasing common stock in this offering will incur immediate dilution of $0.68 per share, based on an assumed public offering price of $4.35 per share, the last reported trading price of our common stock on Nasdaq on May 21, 2025, representing the difference between our as adjusted net tangible book value per share after giving effect to this offering and the assumed public offering price. To the extent outstanding stock options or warrants are exercised, new stock options are issued or we issue additional shares of common stock in the future, there will be further dilution to new investors. As a result of the dilution to investors purchasing common stock in this offering, investors may receive significantly less than the purchase price paid in this offering, if anything, in the event of our liquidation. For a further description of the dilution that you will experience immediately after this offering, see “Dilution.”

Additionally, under the zero cash exercise option of the common warrants you may incur additional significant dilution. See “Description of Securities We Are Offering” for additional details.

We have