Company: HSDTW
Filing Date: 2025-10-20
Form Type: S-3ASR
Source: 0001104659-25-100503
Chunk: 18

Company: Solana Co
Filing Date: 2025-10-20
Form: S-3ASR
Chunk 18
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 ​ | ​ | ​                                                               | ​ |  2,906,554 | ​ | ​ | ​ | ​                                          | ​ | — | ​ | ​ | ​ | ​ | ​ | * | ​ | ​ |

* Percentage not listed if less than 1%. (1) Applicable percentage ownership is based on 158,290,029 shares of our Common Stock outstanding as of October 16, 2025 (figure assumes all of the Warrants were exercised). (2) Represents the amount of shares that will be held by each Selling Stockholder after completion of this offering based on the assumptions that (a) all Common Stock underlying the Pre-Funded Warrants and Warrants registered for sale by the registration statement of which this prospectus is part of will be sold and (b) no other shares of Common Stock are acquired or sold by such Selling Stockholder prior to completion of this offering. However, the Selling Stockholders may sell all, some or none of such shares offered pursuant to this prospectus and may sell other shares of Common Stock that they may own pursuant to another registration statement under the Securities Act or sell some or all of their shares pursuant to an exemption from the registration provisions of the Securities Act, including under

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Rule 144. We are also assuming, the exercise in full of all of the Pre-Funded Warrants without regard to any beneficial ownership limitations on exercise as described above and as set forth therein.

(3)

Ayrton Capital LLC, the investment manager to Alto Opportunity Master Fund, SPC — Segregated Master Portfolio B, has discretionary authority to vote and dispose of the shares held by Alto Opportunity Master Fund, SPC — Segregated Master Portfolio B and may be deemed to be the beneficial owner of these shares. Waqas Khatri, in his capacity as Managing Member of Ayrton Capital LLC, may also be deemed to have investment discretion and voting power over the shares held by Alto Opportunity Master Fund, SPC -Segregated Master Portfolio B. Ayrton Capital LLC and Mr. Khatri each disclaim any beneficial ownership of these shares. The address of Alto Opportunity Master Fund, SPC — Segregated Master Portfolio B is c/o Ayrton Capital — 55 Post Road West, Westport CT, 06680.

(4)

Robert Pitts, Jr. and Miraj Patel have voting and investment control of the shares held by American Steadfast, L.P. and may be deemed the beneficial