Company: HSDTW
Filing Date: 2025-04-22
Form Type: PRE 14A
Source: 0001104659-25-037535
Chunk: 11

Company: Solana Co
Filing Date: 2025-04-22
Form: PRE 14A
Chunk 11
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 because the brokerage commission on a sale of low-priced stock generally represents a higher percentage of the sales price than the commission on a relatively higher-priced issue.

The Board believes that maintaining the listing of the Company’s Common Stock on Nasdaq is in the best interests of the Company and its stockholders. The Board believes that the delisting of the Company’s Common Stock from Nasdaq would impair our ability to raise additional funds and result in lower prices and larger spreads in the bid and ask prices for the Company’s Common Stock, among other things. See “Certain Risk Factors Associated with the Reverse Stock Split or Nasdaq Delisting” below for more information.

#### Determination of the Reverse Stock Split Ratio
Our Board only intends to implement the reverse stock split to the extent it believes necessary to maintain the Company’s listing on Nasdaq. In determining the ratio to be used, the Board will consider various factors, including but not limited to:

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the potential impact and anticipated benefits to the Company and its stockholders

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market conditions and existing and expected market price of the Company’s Common Stock at such time;

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existing and expected marketability of the Common Stock;

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the number of shares that will be outstanding after the reverse stock split;

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the stockholders’ equity at such time; and

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the trading volume of the Company’s Common Stock at such time.

#### Impact of the Reverse Stock Split, if Implemented
The Company’s Certificate of Incorporation, as previously corrected (the “

#### Certificate of Incorporation
”), currently authorizes the issuance of 160,000,000 shares of capital stock, consisting of 150,000,000 shares of Class A Common Stock, par value $0.001 per share, and 10,000,000 shares of Preferred Stock. On March 31, 2025, the Company had: 6,126,778 shares of Common Stock issued and outstanding, 2,678,000 unissued shares of Common Stock held in abeyance from warrant exercise, 2,729,689 shares of Common Stock issuable upon the exercise of outstanding options, 7,701,548 shares of Common Stock issuable upon the exercise of outstanding warrants and 123,989 shares of Common Stock reserved for future issuance under the Company’s 2022 Equity Incentive Plan and 2021 Inducement Plan.

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