Company: HSDTW
Filing Date: 2025-04-25
Form Type: 8-K
Source: 0001558370-25-005510
Chunk: 0

Company: Solana Co
Filing Date: 2025-04-25
Form: 8-K
Item: Item 1.01
Chunk 0
---
Item 1.01

Entry into a Material Definitive Agreement.

Securities Purchase Agreement

On April 24, 2025, Helius Medical Technologies, Inc., a Delaware corporation (the “ Company”) entered into a securities purchase agreement (the “ Purchase Agreement”) with certain investors (the “ Purchasers”) pursuant to which the Company sold, in a private placement (the “ Offering”), unsecured 20% original issue discount promissory notes with an aggregate principal amount of $1,560,000 (the “ Notes”). The Purchase Agreement also provides for the issuance of an aggregate of 1,320,150 shares of common stock of the Company, par value $0.001 per share (the “ Shares”) to the Purchasers. The transaction is expected to close on or about April 25, 2025 (the “ Closing Date”).

The aggregate gross proceeds to the Company are expected to be $1,300,000, before deducting placement agent fees and expenses. The Company intends to use the net proceeds from the Offering for working capital and other general corporate purposes.

Placement Agency Agreement

On April 24, 2025 the Company and Maxim Group LLC (“ Maxim”) entered into the placement agency agreement (the “ Placement Agency Agreement”) pursuant to which Maxim served as the placement agent in the Offering, pursuant to the terms of a Placement Agency Agreement and received 7% of the gross proceeds of the Offering and reimbursement of the legal fees of its counsel of up to $15,000.

Original Issue Discount Promissory Note

The Notes were issued with an original issue discount of 20%. No interest shall accrue on the Notes unless and until an Event of Default (as defined in the Notes) has occurred, upon which interest shall accrue at a rate of twenty percent (20.0%) per annum. The Notes mature upon the earlier of a) July 24, 2025, b) the closing date of the Company’s next registered offering of securities on Form S-1 (the “ Maturity Date”).

The Notes contain certain Events of Default, including but not limited to (i) the Company’s failure to pay any amount of principal, interest, redemption price or other amounts due under the Notes or any other transaction document, (ii) any default under, redemption of, or acceleration prior to maturity of any indebtedness of the Company, as such term is defined in the transaction documents, (iii) bankruptcy of the Company or its subsidiaries, (iv) a final