Company: HSDTW
Filing Date: 2025-05-23
Form Type: S-1
Source: 0001104659-25-052494
Chunk: 31

Company: Solana Co
Filing Date: 2025-05-23
Form: S-1
Chunk 31
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 Placement Agent Warrants (assuming a Latest Nasdaq Closing Price of $4.35).

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Except as otherwise indicated, all information in this prospectus assumes: (i) no exercise of outstanding stock options after March 31, 2025 and (ii) no exercise of warrants after March 31, 2025 (including the pre-funded warrants, common warrants and Placement Agent Warrants offered hereby).

To the extent that outstanding options or warrants are converted or exercised, you could experience further dilution. In addition, we may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised through the sale of additional equity, the issuance of these shares could result in further dilution to our stockholders.

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### DESCRIPTION OF SECURITIES WE ARE OFFERING
Common Stock. The material terms and provisions of our Common Stock are described under the caption “ Description of Capital Stock ”.

#### Common Warrants
The following summary of certain terms and provisions of the common warrants being offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions of the common warrant, the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part. Prospective investors should carefully review the terms and provisions of the form of common warrant for a complete description of the terms and conditions of the common warrants.

Duration, Exercise Price and Form . Each common warrant will have an initial exercise price of $9.79 per share, which equals 225% of the public offering price per common stock and common warrants. The common warrants will be immediately exercisable upon issuance and will expire two and one-half (2.5) years after the original issuance date. The exercise price and number of shares of common stock issuable upon exercise are subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our common stock and the exercise price. 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 terms of the common warrants 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