Company: HSDTW
Filing Date: 2025-09-18
Form Type: 8-K
Source: 0001104659-25-091281
Chunk: 3

Company: Solana Co
Filing Date: 2025-09-18
Form: 8-K
Item: Item 1.01
Chunk 3
---
 Section 4(a)(2) thereof and/or Rule 506(b) of Regulation D promulgated thereunder, and applicable state
securities laws. The issuance of the Strategic Advisor Warrants and the Strategic Advisor Warrant Shares have not been registered under
the Securities Act and such securities may not be offered or sold in the United States absent registration or an exemption from registration
under the Securities Act and any applicable state securities laws.

Pursuant to the Strategic Advisory Agreement,
Pantera agreed not to sell, transfer, pledge, hedge, or otherwise dispose of any shares underlying the Strategic Advisory Warrants for
180 days after the closing of the Offering (the “ Advisor Lock-Up Period”), except (i) transfers to affiliates that agree
in writing to be bound by the remainder of the Advisor Lock-Up Period, or (ii) with the Company’s prior written consent.

The foregoing summaries of the Cash Pre-Funded
Warrants, Cryptocurrency Pre-Funded Warrants, the Cash Stapled Warrants, the Cryptocurrency Stapled Warrants, the Advisor Warrants, the
Cash Subscription Agreements, the Cryptocurrency Subscription Agreements, the PIPE Lock-Up Agreement, the Strategic Advisor Agreement
and do not purport to be complete and are qualified in their entirety by reference to the complete text of those agreements, which were
filed as Exhibits 4.1, 4.2, 4.3, 4.4, 4.5 and 10.1, 10.2, 10.3 and 10.4, respectively, to the Company’s Current Report on Form 8-K,
previously filed with the SEC on September 15, 2025 and are hereby incorporated by reference herein.

Master Loan Agreement

Pursuant to the Subscription Agreements, the Company
has agreed to use the net proceeds from the sale of the Securities to the Purchasers in the Offerings to fund the acquisition of SOL,
and the establishment of a SOL treasury operation, as well as pay transaction fees and expenses, and for working capital and general corporate
purposes of the Company. To advance the Company’s planned SOL treasury operation, on September 18, 2025, Marvel Operations
Corp., a Delaware limited liability company and wholly-owned subsidiary of the Company, entered into a Master Loan Agreement with a third-party
lender (the “ Master Loan Agreement”) to provide a short term loan to make initial purchases of SOL. As of September 18,
2025, Marvel