Company: HSDTW
Filing Date: 2025-03-14
Form Type: PRE 14A
Source: 0001558370-25-003007
Chunk: 49

Company: Solana Co
Filing Date: 2025-03-14
Form: PRE 14A
Chunk 49
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 up to 6,213,888 shares of the Company’s common stock (the “Inducement Offer”). In accordance with the Inducement Letters, we shall only issue such number of shares of common stock issuable to holders that would not cause such holders to exceed the maximum number of shares permitted thereunder, with the balance of shares to be held in abeyance until notice from the applicable holder that the balance (or portion thereof) may be issued in compliance with the limitations set forth. As of March 7, 2025, 2,678,000 unissued shares of Common Stock remained in abeyance from these warrant exercises.

The Company also agreed to file a registration statement on Form S-3 (or other appropriate form if the Company is not then Form S-3 eligible) covering the resale of the Inducement Warrants Shares issued or issuable upon the exercise of the Inducement Warrants within ten (10) calendar days of the date of the Inducement Letters. In the Inducement Letters, the Company agreed not to issue any shares of common stock or common stock equivalents or to file any other registration statement with the SEC (in each case, subject to certain exceptions) for sixty (60) calendar days. The Company also has agreed not to effect or enter into any agreement to effect any variable rate transaction (as defined in the Inducement Letters) for seventy-five (75) calendar days from the date of the Inducement Letters.

**Description of Inducement Warrants

Duration and Exercise Price**

Each Inducement Warrant will have an exercise price equal to the Nasdaq Minimum Price (as defined in Nasdaq Listing Rule 5635(d)), which was $0.751 per share as of January 21, 2025. The Series C and Series D Warrants will only be exercisable contingent upon and after receiving stockholder approval and may be exercised until five years and two years from the date of such stockholder approval, respectively. The exercise price and number of shares of common stock issuable upon exercise is subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our common stock and the exercise price. The Inducement Warrants were issued in certificated form only.

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Exercisability

The Inducement Warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise