Company: HSDTW
Filing Date: 2025-04-25
Form Type: 8-K
Source: 0001558370-25-005510
Chunk: 1

Company: Solana Co
Filing Date: 2025-04-25
Form: 8-K
Item: Item 1.01
Chunk 1
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 judgement or judgements for the payment of money in excess of $250,000, which is not discharged or stayed pending appeal within 60 days, and (v) any breach or failure to comply with any provision of the Note or any other transaction document. Upon the occurrence of any Event of Default and at any time thereafter, the Purchasers shall have the right to exercise all of the remedies under the Notes.

The Notes also provide for redemption upon a change of control, as such term is defined under the Notes and mandatory redemption upon the receipt of net proceeds from any offering of equity or debt by the Company.

Lock-Up Agreements

Concurrently with the execution of the Purchase Agreement, the directors and executive officers of the Company entered into lock-up agreements (the “ Lock-Up Agreements”), pursuant to which they accepted certain restrictions on transfers of shares of common stock held, or to be held, by them beginning on the closing date of the transaction until the Maturity Date pursuant to the terms of the Purchase Agreement. The Company relied upon an exemption from registration under the Securities Act of 1933, as amended (the “ Securities Act”), afforded by Section 4(a)(2) of the Securities Act, as amended and the rules and regulations promulgated thereunder, and/or Rule 506 promulgated thereunder.

The foregoing descriptions of the Notes, Purchase Agreement, Placement Agency Agreement, and the Lock-Up Agreements do not purport to be complete and are qualified in their entirety by reference to the full text of the Notes, Purchase Agreement, Placement Agency Agreement, and the Lock-Up Agreements, forms of which are attached hereto as Exhibit 4.1, 10.1, 10.2, and 10.3, and are each incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.

Item 3.02Unregistered Sales of Equity Securities.

The information set forth under Item 1.01 above is incorporated by reference into this Item 3.02. The offer, sale and issuance pursuant to the Purchase Agreement of the Notes and the Shares to the Purchasers were made in reliance upon Section 4(a)(2) of the Securities Act, as amended and the rules and regulations promulgated thereunder, and/or Rule 506 promulgated thereunder.