Company: HSDTW
Filing Date: 2025-04-15
Form Type: DRS
Source: 0001104659-25-035130
Chunk: 23

Company: Solana Co
Filing Date: 2025-04-15
Form: DRS
Chunk 23
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 capitalization following the completion of this offering will be adjusted based on the actual public offering price and other terms of this offering determined at pricing. The numbers above 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 of our common stock issuable upon exercise of outstanding warrants, excluding 12,122 pre-funded warrants with an exercise price of $0.001 and warrants exercised after December 31, 2024, at a weighted average exercise price of $7.07 per share; • 12,122 shares of our common stock issuable upon exercise of pre-funded warrants at an exercise price of $0.001 per share; • 146,539 shares of our common stock to be reserved for potential future issuance pursuant to the 2021 Plan and the 2022 Plan; and • 4,971,110 shares either issued or held in abeyance upon the exercise of outstanding warrants in January 2025.

14

TABLE OF CONTENTS CONFIDENTIAL TREATMENT REQUESTED PURSUANT TO 17 C.F.R. SECTION 200.83

DILUTION A purchaser of our securities in this offering will be diluted to the extent of the difference between the price you pay for each share of our common stock and the net tangible book value per share of our common stock after this offering. Net tangible book value per share prior to this offering is equal to our total tangible assets minus total liabilities, divided by 3,728,172 shares of common stock outstanding as of December 31, 2024. Our historical net tangible book value as of December 31, 2024 was approximately $1,059,000, or $0.28 per share of our common stock. After giving effect to the sale by us in this offering of shares of common stock and accompanying common warrants to purchase shares of common stock at an assumed public offering price of $ per share of common stock and accompanying common warrant, which was the last reported sale price of our common stock on Nasdaq on , 2025, and after deducting the estimated underwriting discounts and commissions and our estimated offering expenses, and excluding proceeds, if any, from the exercise of any common warrants issued pursuant to this offering or any resulting accounting associated with the warrants, our as adjusted net