Company: HSDTW
Filing Date: 2025-06-06
Form Type: 424B4
Source: 0001104659-25-056970
Chunk: 18

Company: Solana Co
Filing Date: 2025-06-06
Form: 424B4
Chunk 18
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 equivalents and the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use. Our management might not apply our existing cash, cash equivalents and the net proceeds from this offering in ways that ultimately increase the value of your investment. The failure by our management to apply these funds effectively could harm our business.

The exercise price of certain of our existing warrants may be decreased by this offering.

Purchasers in this offering may experience additional dilution as a result of the re-setting of the exercise price of the warrants issued in August 2022 (the “2022 Warrants”) if the public offering price of the shares of common stock (or pre-funded warrants and accompanying common warrants is below the current exercise price of the 2022 Warrants. In such case, we will receive a reduced level of proceeds from any exercise of the 2022 Warrants.

The market price of our common stock may be highly volatile, and you could lose all or part of your investment.

The trading price of our common stock has been and is likely to continue to be volatile. This volatility may prevent you from being able to sell your securities at or above the price you paid for your securities. Our stock price could be subject to wide fluctuations in response to a variety of factors, which include:

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whether we achieve our anticipated corporate objectives;

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termination of the lock-up agreement or other restrictions on the ability of our stockholders and other security holders to sell shares after this offering;

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changes in revenue or earnings estimates or publication of research reports and recommendations by financial analyst;

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failure to meet analysts’ revenue or earnings estimates;

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speculation in the press or investment community;

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strategic actions by us or our competitors, such as acquisitions or restructuring;

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proposed or adopted regulatory changes or developments;

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anticipated or pending investigations, proceedings or litigation that involve or affect us;

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changes in the market valuations of other comparable companies; and

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general economic or political conditions in the United States or elsewhere.

In addition, the stock market in general, and the stock of biotechnology companies in particular, have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of these companies. Broad market and industry factors may negatively affect the market price of our common stock, regardless of our actual operating performance.

We are not in compliance with Nasdaq’s continued listing requirements. If we are unable to comply with Nasdaq’s continued listing requirements, our common