Company: HSDTW
Filing Date: 2025-03-26
Form Type: 424B5
Source: 0001104659-25-028242
Chunk: 15

Company: Solana Co
Filing Date: 2025-03-26
Form: 424B5
Chunk 15
---
 the last reported sale price of our common stock on the Nasdaq Capital Market on March 31, 2023. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities registered on this registration statement in a public primary offering with a value exceeding more than one-third of our public float in any 12-month period so long as our public float remains below $75.0 million.

The applicable prospectus supplement will contain information, where applicable, as to any other listing on Nasdaq or any securities market or other exchange of the securities, if any, covered by the applicable prospectus supplement.

We will sell these securities directly to investors, through agents designated from time to time or to or through underwriters or dealers, on a continuous or delayed basis. For additional information on the methods of sale, you should refer to the section titled “Plan of Distribution” in this prospectus. If any agents or underwriters are involved in the sale of any securities with respect to which this prospectus is being delivered, the names of such agents or underwriters and any applicable fees, commissions, discounts or over-allotment options will be set forth in a prospectus supplement. The price to the public of such securities and the net proceeds we expect to receive from such sale will also be set forth in a prospectus supplement.

Investing in our securities involves a high degree of risk. You should review carefully the risks and uncertainties described under the heading “Risk Factors” contained in the applicable prospectus supplement and any related free writing prospectus, and under similar headings in the other documents that are incorporated by reference into this prospectus as described on page 5of this prospectus.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

<div align='center'>The date of this prospectus is May 25, 2023.</div>

TABLE OF CONTENTS

TABLE OF CONTENTS

| ​ | ABOUT THIS PROSPECTUS                             | ​ | ​ | ​ | ​ | ii | ​ | ​ |
| ​ | SUMMARY                                           | ​ | ​ | ​ | ​ |  1 | ​ | ​ |
| ​ | RISK FACTORS                                      | ​ | ​ | ​ | ​ |  5 | ​ | ​ |
| ​ | SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS | ​ | ​ | ​ | ​