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

Company: Solana Co
Filing Date: 2025-06-06
Form: 424B4
Chunk 25
---
 ​ | ​      | ​ |      282 | ​ | ​ | ​ | ​        | ​ |      282 | ​ | ​ | ​ | ​                    | ​ |      282 | ​ | ​ |
| Total Stockholders’ Equity                                                                                                                                                                                | ​ | ​ | ​      | ​ |    1,280 | ​ | ​ | ​ | ​        | ​ |    1,556 | ​ | ​ | ​ | ​                    | ​ |    9,630 | ​ | ​ |

The foregoing as adjusted information is illustrative only, and our capitalization following the completion of this offering will be adjusted based on the actual public offering price and other terms of this offering determined at pricing. All of the numbers in the above table have been adjusted to reflect the reverse stock split. The numbers above 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.

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