Company: HSDTW
Filing Date: 2025-05-23
Form Type: S-1
Source: 0001104659-25-052494
Chunk: 29

Company: Solana Co
Filing Date: 2025-05-23
Form: S-1
Chunk 29
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15

TABLE OF CONTENTS

DILUTION A purchaser of our securities in this offering will be diluted to the extent of the difference between the price you pay for each share of our common stock and the net tangible book value per share of our common stock after this offering. Net tangible book value per share prior to this offering is equal to our total tangible assets minus total liabilities, divided by 408,406 shares of common stock outstanding as of March 31, 2025. Our historical net tangible book value as of March 31, 2025 was approximately $1.3 million, or $3.13 per share of our common stock. Our pro forma net tangible book value of our common stock as of March 31, 2025, was approximately $3.13 per share, after giving effect to the issuance of 88,010 shares of common stock in the April 2025 Private Placement. After giving effect to the sale by us in this offering of 3,448,275 shares of common stock and accompanying common warrants to purchase 3,448,275 shares of common stock at an assumed public offering price of $4.35 per share of common stock and accompanying common warrant, which was the last reported sale price of our common stock on Nasdaq on May 21, 2025, and after deducting the estimated underwriting discounts and commissions and our estimated offering expenses, and excluding proceeds, if any, from the exercise of any common warrants issued pursuant to this offering or any resulting accounting associated with the warrants, our pro forma, as adjusted net tangible book value as of March 31, 2025 would have been $14.5 million or $3.67 per share. This amount represents an immediate increase in pro forma, as adjusted net tangible book value of approximately $0.54 per share to our existing stockholders, and an immediate dilution of $0.68 per share to new investors participating in this offering. Dilution per share to new investors is determined by subtracting adjusted as adjusted net tangible book value per share after this offering from the public offering price per share paid by new investors.

| ​ | Assumed public offering price per share of common stock and accompanying warrant                                              | ​ | ​ | ​ | ​ |     ​ | ​ | ​ | ​ | ​ | $ | 4.35 | ​ | ​ |
| ​ | Net tangible book value per share at March 31, 2025                                                                           | ​ | ​ | ​ | $ |  3