Company: HSDTW
Filing Date: 2025-04-15
Form Type: DRS
Source: 0001104659-25-035130
Chunk: 24

Company: Solana Co
Filing Date: 2025-04-15
Form: DRS
Chunk 24
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 tangible book value as of December 31, 2024 would have been $ million or $ per share. This amount represents an immediate increase in adjusted net tangible book value of approximately $ per share to our existing stockholders, and an immediate dilution of $ 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. The following table illustrates this per share dilution:

| ​ 
 ​ | Assumed public offering price per share (attributing no value to the common warrants) 
 Net tangible book value per share as of December 31, 2024                             | ​ 
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|:--|:--------------------------------------------------------------------------------------|:--|:--|:--|:--|-----:|:--|:--|:--|:--|:--|:--|:--|:--|
| ​ | Increase in as adjusted net tangible book value per share after this offering         | ​ | ​ | ​ | $ | 0.28 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| ​ | Adjusted net tangible book value per share after giving effect to this offering       | ​ | ​ | ​ | ​ |    ​ | ​ | ​ | ​ | ​ | $ |   | ​ | ​ |
| ​ | Dilution in adjusted net tangible book value per share to new investors               | ​ | ​ | ​ | ​ |    ​ | ​ | ​ | ​ | ​ | $ | ​ | ​ | ​ |

If the underwriters exercise their option to purchase additional shares in full, the as adjusted net tangible book value per share of our common stock after giving effect to this offering would be $ per share, and the dilution in net tangible book value per share to investors purchasing common stock in this offering would be $ per share. The above discussion and table are based on 3,728,172 shares outstanding as of December 31, 2024, and excludes: • 2,092,461 shares of our common stock issuable upon exercise of outstanding options at a weighted average exercise price of $9.30 per share; • 1,489,602 shares