Company: HSDTW
Filing Date: 2025-09-18
Form Type: 8-K
Source: 0001104659-25-091281
Chunk: 1

Company: Solana Co
Filing Date: 2025-09-18
Form: 8-K
Item: Item 1.01
Chunk 1
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 Cryptocurrency Purchasers had the option
to tender either Unlocked SOL tokens or Locked SOL tokens to the Company as consideration for the Cryptocurrency Pre-Funded Warrants and
the Cryptocurrency Stapled Warrants.

The Offerings closed on September 18, 2025
(the “ Closing”). The Offerings resulted in total gross proceeds of approximately $508.7 million before deducting estimated
placement agent fees and offering expenses.

In connection with the Offerings, the Company
agreed to file a registration statement with the U. S. Securities and Exchange Commission (the “ SEC”) covering the resale of
the Cash Shares, Pre-Funded Warrant Shares and Stapled Warrant Shares. The Company has agreed to file such registration statement within
30 days of the closing of the Offerings.

The exercise of the Cryptocurrency Warrants is
subject to stockholder approval (“ Stockholder Approval”) and such warrants will not be exercisable for Common Stock until
such Shareholder Approval is received. Pursuant to the Cryptocurrency Subscription Agreements, the Company will hold a special meeting
of stockholders to obtain Stockholder Approval as soon as practicable after the closing date of the Offerings.

The securities sold in the Offerings were offered
and sold in reliance upon the exemption from the registration requirement of the Securities Act of 1933, as amended (the “ Securities
Act”), pursuant to Section 4(a)(2) thereof and/or Rule 506(b) of Regulation D promulgated thereunder, and applicable
state securities laws. The issuance of the securities sold in the Offerings have not been registered under the Securities Act and such
securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities
Act and any applicable state securities laws.

The Company intends to use the net proceeds from
the Offerings to fund the acquisition of the native cryptocurrency of the Solana Foundation blockchain (“ SOL”), through open
market purchases only and the establishment of the Company’s Solana treasury operations, as well as for working capital, general
corporate purposes and to pay all transaction fees and expenses related thereto. The Company will not use the net proceeds from the Offerings:
(a) for the redemption of any outstanding Common Stock or Common Stock equivalents of the Company, (b) for the settlement of
any outstanding litigation or (c) in violation of the Foreign Corrupt Practices Act of 1977, as amended or the Office of Foreign
Assets Control of the U.