Company: HSDTW
Filing Date: 2025-03-14
Form Type: PRE 14A
Source: 0001558370-25-003007
Chunk: 57

Company: Solana Co
Filing Date: 2025-03-14
Form: PRE 14A
Chunk 57
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34

If approved and effected, the reverse stock split will automatically apply to all shares of the Company’s Common Stock, and each stockholder will own a reduced number of shares of the Company’s Common Stock. However, except for adjustments that may result from the treatment of fractional shares, as described below, or as a result of adjustments to the conversion prices of certain convertible securities, as described below, the reverse stock split will not affect any stockholder’s percentage ownership or proportionate voting power. On January 21, 2025, the Company entered into Inducement Letters with certain Inducement Warrant Holders, as more fully described herein in Proposal 3. If proposal 3 is approved by our stockholders and all of the Inducement Warrants are exercised, we expect to have an additional 6,213,888 shares of common stock outstanding. Based on the Company’s capitalization as of March 12, 2025, the principal effect of the reverse stock split (at a ratio between 1-for-2 and 1-for-30), not taking into account the treatment of fractional shares described under “—Procedure for Effecting the Reverse Stock Split—Treatment of Fractional Shares” below, would be that:

| ● | the number of shares of the Company’s Common Stock issued and outstanding would be reduced from 6,126,778 shares to between approximately 3,063,389 shares and 204,225 shares; |

| ● | the number of unissued shares of the Company’s Common Stock held in abeyance from warrant exercises would be reduced from 2,678,000 shares to between approximately 1,339,000 shares and 89,266 shares; |

| ● | the number of shares of the Company’s Common Stock issuable upon the exercise of outstanding stock options would be reduced from 2,729,689 to between approximately 1,364,844 shares and 90,989 shares (and the respective exercise prices of the options would increase by a factor equal to the inverse of the split ratio); |

| ● | the number of shares of the Company’s Common Stock issuable upon the exercise of outstanding warrants would be reduced from 7,703,490 to between approximately 3,851,745 shares and 256,783 shares (and the respective exercise prices of the warrants would increase by a factor equal to the inverse of the split ratio); |

| ● | the aggregate number of shares of the Company’s Common Stock reserved for issuance, in connection