Company: HSDTW
Filing Date: 2025-05-23
Form Type: S-1
Source: 0001104659-25-052494
Chunk: 30

Company: Solana Co
Filing Date: 2025-05-23
Form: S-1
Chunk 30
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.13 | ​ | ​ | ​ | ​ | ​ |    ​ | ​ | ​ |
| ​ | Pro forma adjustment to net tangible book value per share                                                                     | ​ | ​ | ​ | ​ | -0.00 | ​ | ​ | ​ | ​ | ​ |    ​ | ​ | ​ |
| ​ | Pro forma, net tangible book value per share after giving effect to the pro forma adjustments                                 | ​ | ​ | ​ | $ |  3.13 | ​ | ​ | ​ | ​ | ​ |    ​ | ​ | ​ |
| ​ | Increase to pro forma net tangible book value per share attributable to this offering                                         | ​ | ​ | ​ | ​ |  0.54 | ​ | ​ | ​ | ​ | ​ |    ​ | ​ | ​ |
| ​ | Pro forma, as adjusted net tangible book value per share as of March 31, 2025, after giving effect to this offering           | ​ | ​ | ​ | ​ |     ​ | ​ | ​ | ​ | ​ | ​ | 3.67 | ​ | ​ |
| ​ | Dilution of pro forma, as adjusted net tangible book value per share to investorspurchasing our common stock in this offering | ​ | ​ | ​ | ​ |     ​ | ​ | ​ | ​ | ​ | $ | 0.68 | ​ | ​ |

All of the numbers in the above table have been adjusted to reflect the reverse stock split. The above discussion and table 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 May 23, 2025; and • up to a maximum of 54,310,319 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