Company: HSDTW
Filing Date: 2025-06-06
Form Type: 424B4
Source: 0001104659-25-056970
Chunk: 12

Company: Solana Co
Filing Date: 2025-06-06
Form: 424B4
Chunk 12
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 the date of issuance of such pre-funded warrant, subject to certain ownership limitations. For each pre-funded warrant we sell, the shares of common stock we are offering will be reduced on a one-to-one basis. This offering also relates to the shares of common stock issuable upon the exercise of any pre-funded warrants sold in this offering. For more information regarding the pre-funded warrants, you should carefully read the section entitled “Description of Securities We Are Offering” on page 18of this prospectus.

#### Common Warrants
Common warrants to purchase up to 2,768,600 shares of common stock at an exercise price of $7.3575 per share (225% of the public offering price per common stock and common warrant). The common stock (or pre-funded warrants) and the accompanying common warrants are being sold in combination, with each share of common stock (or share of common stock underlying a pre-funded warrant) being accompanied by a common warrant to purchase one share of common stock.

The common warrants will be immediately exercisable upon issuance and will expire two and one-half (2.5) years after the original issuance date.

Following the issue date of the common warrants, a holder of the common warrants has the right to receive, without payment of any additional cash to the Company, an aggregate number of shares equal to the product of (x) the aggregate number of shares of common stock that would be issuable upon a cash exercise of the common warrant and (y) two. Accordingly, we believe it is highly unlikely that a holder of the common warrants would pay an exercise price in cash to receive one share of common stock when the holder could instead choose the zero cash exercise option and pay no cash to receive up to fifteen (15) shares of common stock if the exercise price decreases to and equals the floor price at the time of such election.

In addition, at 4:01 p.m. Eastern time on the 5th trading day after the date of issuance (the “First Reset Date”), the exercise price of the common warrant will be reset to reflect a price equal to the lower of (i) the exercise price then in effect and (ii) the greater of (a) 80% of lowest daily volume weighted average price (“VWAP”) during the period beginning on the 3 rd trading day after the date of issuance and ending on the First Reset Date, and (b) 50% of the most recent Nasdaq Official Close Price preceding execution of the securities purchase agreement (the “Latest Nasdaq