Company: HSDTW
Filing Date: 2025-05-23
Form Type: S-1
Source: 0001104659-25-052494
Chunk: 2

Company: Solana Co
Filing Date: 2025-05-23
Form: S-1
Chunk 2
---
.

#### 3,448,275 Shares of Common Stock

#### or
<div align='center'>**Pre-Funded Warrants to Purchase up to 3,448,275 Shares of Common Stock,

Common Warrants to Purchase up to 3,448,275 Shares of Common Stock**</div>

#### and
<div align='center'>**Placement Agent Warrants to Purchase up to 172,413 Shares of Common Stock**</div>

Up to 7,068,963 Shares of Common Stock Issuable Upon Exercise of the Pre-Funded Warrants, Common Warrants and Placement Agent Warrants

This is a best efforts public offering of 3,448,275 shares of Class A common stock (“common stock” or “Common Stock”) and common warrants (“common warrants”) to purchase up to 3,448,275 shares of common stock for cash or otherwise acquire such greater number of common stock as determined in accordance with the provisions of the common warrant upon a zero cash exercise option. Each common warrant is exercisable at an initial exercise price of $9.79 per share (225% of the public offering price per share and common warrant). The common warrants will be exercisable from issuance and will expire two and one-half (2.5) years after issuance. See “ Description of Securities we are Offering. ” We are offering each share and common warrant at an assumed combined public offering price of $4.35 per share and accompanying common warrant, which was the last reported sale price of our common stock on the Nasdaq Capital Market on May 21, 2025.

Under the zero cash exercise option of the common warrant, during the period of 90 calendar days following the issue date of the common warrants, a holder of the common warrants has the right to receive, without payment of any additional cash to the Company, an aggregate number of shares equal to the product of (x) the aggregate number of shares of common stock that would be issuable upon a cash exercise of the common warrant and (y) two (2). Accordingly, we believe it is highly unlikely that a holder of the common warrants would pay an exercise price in cash to receive one share of common stock when the holder could instead choose the zero cash exercise option and pay no cash to receive up to fifteen (15) shares of common stock if the exercise price decreases to and equals the floor price at the time of such election. As a result, we will likely not receive any additional funds and do not expect to receive any additional funds upon