Company: HSDTW
Filing Date: 2025-06-06
Form Type: 424B4
Source: 0001104659-25-056970
Chunk: 27

Company: Solana Co
Filing Date: 2025-06-06
Form: 424B4
Chunk 27
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| ​ | Pro forma, as adjusted net tangible book value per share as of March 31, 2025, after giving effect to this offering           | ​ | ​ | ​ | ​ |     ​ | ​ | ​ | ​ | ​ | ​ | 2.74 | ​ | ​ |
| ​ | Dilution of pro forma, as adjusted net tangible book value per share to investorspurchasing our common stock in this offering | ​ | ​ | ​ | ​ |     ​ | ​ | ​ | ​ | ​ | $ | 0.53 | ​ | ​ |

All of the numbers in the above table have been adjusted to reflect the reverse stock split. The above discussion and table are based on 408,406 shares outstanding as of March 31, 2025, and excludes: • 181,971 shares of our common stock issuable upon exercise of outstanding options at a weighted average exercise price of $112.73 per share; • 513,402 shares of our common stock issuable upon exercise of outstanding warrants at a weighted average exercise price of $25.83 per share; • 8,274 shares of our common stock to be reserved for potential future issuance pursuant to the 2021 Plan and the 2022 Plan; • 178,533 shares held in abeyance as of March 31, 2025, including 44,933 shares that were issued prior to June 4, 2025; and • up to a maximum of 44,981,015 shares of common stock issuable upon a “zero cash exercise” of the common warrants, including the common warrants issued to investors in this offering as well as the Placement Agent Warrants. Except as otherwise indicated, all information in this prospectus assumes: (i) no exercise of outstanding stock options after March 31, 2025 and (ii) no exercise of warrants after March 31, 2025 (including the pre-funded warrants, common warrants and Placement Agent Warrants offered hereby).

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To the extent that outstanding options or warrants are converted or exercised, you could experience further dilution. In addition, we may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised through the sale of additional equity, the issuance of these shares could result in further dilution to our stockholders.

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