Company: HSDTW
Filing Date: 2025-04-15
Form Type: DRS
Source: 0001104659-25-035130
Chunk: 5

Company: Solana Co
Filing Date: 2025-04-15
Form: DRS
Chunk 5
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| RISK FACTORS                                                           | ​ | ​ | ​    | ​ |  9 | ​ | ​ |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA | ​ | ​ | ​    | ​ | 12 | ​ | ​ |
| USE OF PROCEEDS                                                        | ​ | ​ | ​    | ​ | 13 | ​ | ​ |
| CAPITALIZATION                                                         | ​ | ​ | ​    | ​ | 14 | ​ | ​ |
| DILUTION                                                               | ​ | ​ | ​    | ​ | 15 | ​ | ​ |
| DESCRIPTION OF SECURITIES WE ARE OFFERING                              | ​ | ​ | ​    | ​ | 17 | ​ | ​ |
| UNDERWRITING                                                           | ​ | ​ | ​    | ​ | 22 | ​ | ​ |
| DESCRIPTION OF CAPITAL STOCK                                           | ​ | ​ | ​    | ​ | 25 | ​ | ​ |
| LEGAL MATTERS                                                          | ​ | ​ | ​    | ​ | 37 | ​ | ​ |
| EXPERTS                                                                | ​ | ​ | ​    | ​ | 37 | ​ | ​ |
| WHERE YOU CAN FIND MORE INFORMATION                                    | ​ | ​ | ​    | ​ | 38 | ​ | ​ |
| INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE                        | ​ | ​ | ​    | ​ | 38 | ​ | ​ |

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TABLE OF CONTENTS

### CONFIDENTIAL TREATMENT REQUESTED

#### PURSUANT TO 17 C.F.R. SECTION 200.83

### ABOUT THIS PROSPECTUS
We incorporate by reference important information into this prospectus. You may obtain the information incorporated by reference without charge by following the instructions under “Information Incorporated by Reference.” You should carefully read this prospectus, as well as additional information described under “Information Incorporated by Reference,” before deciding to invest in our securities.

Neither we nor the underwriters have authorized anyone to provide you with additional information or information different from that contained or incorporated by reference in this prospectus or in any free writing prospectus that we have authorized for use in connection with this offering. We take no responsibility for and cannot provide any assurance as to the reliability of, any other information that others may give you. This prospectus does not constitute an offer to sell to any person, or a solicitation of an offer to purchase from any person, the securities offered