Company: HSDTW
Filing Date: 2025-09-15
Form Type: 8-K
Source: 0001104659-25-089774
Chunk: 3

Company: Solana Co
Filing Date: 2025-09-15
Form: 8-K
Item: Item 1.01
Chunk 3
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 States absent registration or an exemption from
registration under the Securities Act and any applicable state securities laws.

The closing of the Offerings is expected to occur
on or about September 18, 2025, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds
from the Offerings to fund the acquisition of SOL, the native cryptocurrency of the Solana Foundation blockchain, 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. S. Treasury Department regulations.

The Securities Purchase Agreements contain customary
representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company,
other obligations of the parties and termination provisions. Additionally, pursuant to the Purchase Agreements, the Company agreed to
use commercially reasonable efforts to file a registration statement with the U. S. Securities and Exchange Commission, within 30 days
of the closing of the Offering registering the resale of the Common Stock sold in the Offering, the Pre-Funded Warrants, the Pre-Funded
Warrant Shares, the Stapled Warrants, the Stapled Warrant Shares, and certain securities to be issued to the Company’s strategic
advisor.

Each of the Cash Purchasers have agreed to not
to sell, transfer, pledge, hedge, or otherwise dispose of any Cash Securities until the resale registration statement is declared effective
(the “ Effectiveness Date”), and with respect to 50% of the Cash Securities, until 30 calendar days following the Effectiveness
Date (the “PIPE Lock-Up Period”), except with the Company’s prior written consent and subject to certain customary
exceptions. Each of the Cryptocurrency Purchasers have agreed to not to sell, transfer, pledge, hedge, or otherwise dispose of any Cryptocurrency
Securities during the PIPE Lock-Up Period, except with the Company’s prior written consent and subject to certain customary exceptions.

The foregoing summaries of the Cash Pre-Funded
Warrants, Cryptocurrency Pre-Funded Warrants, the Cash Stapled