Company: HSDTW
Filing Date: 2025-10-14
Form Type: DEF 14A
Source: 0001104659-25-098889
Chunk: 47

Company: Solana Co
Filing Date: 2025-10-14
Form: DEF 14A
Chunk 47
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 Pursuant to the terms of the Strategic Advisor Agreement, the Company issued (i) to Pantera, 5,175,883 Strategic Advisor Warrants (the “ Strategic Advisor Warrants ”) to purchase shares of the Company’s Common Stock (the “ Strategic Advisor Base Warrant Shares ”) equal to 7% of the aggregate number of shares of Cash Shares and the Pre-Funded Warrant Shares and (ii) to Summer, 2,218,236 Strategic Advisor Warrants to purchase shares of the Company’s Common Stock equal to 3% of the aggregate number of shares of Cash Shares and the Pre-Funded Warrant Shares. Upon the exercise of each Stapled Warrant, each of Pantera and Summer shall receive an additional grant of Strategic Advisor Warrants to purchase an amount of shares of Common Stock equal to its allocable portion of 5% of the Stapled Warrant Shares underlying such exercised Stapled Warrant, such amount shall not exceed the issuance of 3,697,059 shares of Common Stock underlying the Strategic Advisor Warrants (such shares of Common Stock underlying the Strategic Advisor Warrants, the “Strategic Advisor Performance Shares” and, together with the Strategic Advisor Base Warrant Shares, the “ Strategic Advisor Warrant Shares ”). The exercise price per share for the Advisors of the Strategic Advisor Warrants shall be equal to $0.001 per Strategic Advisor Warrant Share. The Strategic Advisor Warrants shall be exercisable, in whole or in part, at any time and from time to time following the receipt of stockholder approval, for a period of five (5) years from the date of issuance. Summer is controlled by Joseph Chee, who was named Executive Chairman following the closing of the offerings. Nasdaq Listing Rules Because our Common Stock is traded on the Nasdaq Capital Market, we are subject to the Nasdaq Listing Rules, including Rule 5635(a). Pursuant to Listing Rule 5635(a), shareholder approval is required prior to the issuance of securities in connection with certain transactions where the number of shares of common stock to be issued is or will be equal to or in excess of 20% of the number of shares of common stock outstanding before the issuance of the stock or securities. Accordingly, to comply with Listing Rule 5635(a) and our undertakings in the Strategic Advisor Agreement, we are seeking shareholder approval of the issuance of shares of our Common Stock upon exercise of the Strategic Advisor Warrants. Consequences of Not Obtaining Stockholders Approval If stockholders