Company: HSDTW
Filing Date: 2025-04-15
Form Type: DRS
Source: 0001104659-25-035130
Chunk: 9

Company: Solana Co
Filing Date: 2025-04-15
Form: DRS
Chunk 9
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ucement
On January 21, 2025, we entered into warrant exercise inducement offer letters (the “Inducement Letters”) with certain holders (the “Holders”) of our then-existing Series A warrants and Series B warrants to purchase shares of the Company’s Class A common stock (the “Public Warrants”), pursuant to which the Holders agreed to exercise for cash their Public Warrants to purchase an aggregate of 4,971,110 shares of our common stock, in the aggregate, at a reduced exercise price of $0.751 per share, in exchange for our agreement to issue new Series C Warrants and Series D Warrants (the “Inducement Warrants”) on substantially the same terms as the Public Warrants except that such Inducement Warrants are not exercisable unless and until approved by the Company’s stockholders, to purchase up to 6,213,888 shares of common stock. We received aggregate gross proceeds of approximately $3.7 million from the exercise of the Public Warrants by the Holders. We engaged Roth Capital Partners, LLC (“Roth”) to act as our financial advisor with the transactions summarized above and paid Roth $0.2 million for its services, in addition to reimbursement for certain expenses.

We have agreed to hold an annual or special meeting of stockholders on or prior to the date that is ninety (90) calendar days following the date of the Inducement Letters for the purpose of obtaining stockholder approval for the exercise of the Inducement Warrants, with the recommendation of the Company’s board of directors that such proposal is approved. If we do not obtain stockholder approval at the first meeting, we have agreed to call a meeting to seek stockholder approval every ninety (90) calendar days until the date that the Inducement Warrants are no longer outstanding.

#### Nasdaq Matters
On August 9, 2024, we received a Notification Letter from the Listing Qualifications Staff (the “Staff”) of Nasdaq notifying us that because the closing bid price of our common stock was below $1.00 per share

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### CONFIDENTIAL TREATMENT REQUESTED

#### PURSUANT TO 17 C.F.R. SECTION 200.83
for the prior 30 consecutive business days, we are not in compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Marketplace Rule 5550