Company: HSDTW
Filing Date: 2025-05-23
Form Type: S-1
Source: 0001104659-25-052494
Chunk: 27

Company: Solana Co
Filing Date: 2025-05-23
Form: S-1
Chunk 27
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 offering expenses payable by us, and assuming no sale of any pre-funded warrants offered hereunder and assuming a public offering price of $4.35 per share of common stock and accompanying common warrant, which was the last reported sale price of our common stock on Nasdaq on May 21, 2025. We will receive nominal proceeds, if any, from the cash exercise of the pre-funded warrants.

We currently intend to use the net proceeds of this offering to repay the outstanding Notes and for working capital and general corporate purposes.

We will be repaying an aggregate of $1,560,000 of the Notes, which become due on the earlier of July 24, 2025 and the closing date of a registered offering on Form S-1. The Notes do not bear any interest rate, but were issued at an original issue discount of 20%.

The amounts and timing of our actual expenditures will depend on numerous factors, including the various factors described under “Risk Factors” in this prospectus and the documents incorporated by reference herein, as well as the amount of cash used in our operations. As a result, our management will have broad discretion over the uses of the net proceeds we receive in connection with the securities offered pursuant to this prospectus and investors will be relying on the judgment of our management regarding the application of the proceeds.

Pending the application of the net proceeds as described above, we will hold the net proceeds from this offering in short-term, interest-bearing securities.

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TABLE OF CONTENTS

CAPITALIZATION The following table sets forth our cash and cash equivalents, debt obligations, and capitalization as of March 31, 2025: (i) on an actual basis; (ii) on a pro forma basis, to give further effect to the April 2025 Private Placement; and (iii) on a pro forma as adjusted basis to also give effect to the issuance and sale of shares of our common stock or pre-funded warrants and common warrants in this offering at an assumed public offering price of $4.35 per common stock and common warrant, the last reported trading price of our common stock on Nasdaq on May 21, 2025, and after deducting placement agent fees and estimated offering expenses payable by us, and the repayment of outstanding Notes.

| (in thousands, except share amounts)                                                                                                                                                                      
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