Company: HSDTW
Filing Date: 2025-09-15
Form Type: 424B5
Source: 0001104659-25-089776
Chunk: 30

Company: Solana Co
Filing Date: 2025-09-15
Form: 424B5
Chunk 30
---
supplement, the accompanying prospectus, or any documents incorporated herein by reference, and nothing contained herein is, or shall be relied upon as, a promise or representation by the Sales Agents or any of their affiliates.

Except as required by law, forward-looking statements speak only as of the date they are made, and we assume no obligation to update any forward-looking statements publicly, or to update the reasons why actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available.

<div align='center'>S-16</div>

TABLE OF CONTENTS

### USE OF PROCEEDS
We may issue and sell shares of our common stock having aggregate gross sales proceeds of up to $92,800,000 from time to time. Because there is no minimum offering price for the shares that we may offer from time to time, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time. There can be no assurance that we will sell any shares under or fully utilize the Sales Agreement with the Sales Agents as a source of financing.

Assuming the closing of the PIPE Transaction, we intend to use the net proceeds from this offering primarily to acquire Solana tokens. Notwithstanding the foregoing, if it is determined that Solana tokens are considered to be “securities” by the Securities and Exchange Commission, we will review the makeup of our assets and will take such actions as are reasonably necessary to avoid being considered an investment company as defined in the Investment Company Act of 1940, as amended, including disposing of Solana tokens and refraining from purchasing Solana tokens otherwise permitted to be purchased. The Company will also not purchase Solana tokens that would result in any violation of any fiduciary obligations of the Company’s board of directors or that would result in the Company becoming insolvent. We also intend to use the proceeds from this offering for working capital needs, repurchases of shares of our common stock general corporate purposes and operating expenses, which may include funding acquisitions or investments in businesses, products or technologies that are complementary to our own.

Our expected use of the net proceeds from this offering represents our current intentions based upon our present plans and business conditions. As of the date of this prospectus supplement, we cannot specify with certainty all of the particular uses for the net proceeds from this offering. The amounts and timing of our actual expenditures will depend on numerous factors, including factors described under “Risk Factors” in this prospectus supplement, the accompanying prospectus and the