Company: HSDTW
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001104659-25-066159
Chunk: 10

Company: Solana Co
Filing Date: 2025-07-07
Form: 424B5
Chunk 10
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 warrants after June 30, 2025.

<div align='center'>S-4</div>

TABLE OF CONTENTS

### RISK FACTORS
An investment in our securities involves risks. We urge you to consider carefully the risks described below, and in the documents incorporated by reference in this prospectus supplement and the accompanying prospectus, before making an investment decision, including those risks and uncertainties discussed under the heading “Risk Factors” contained in our SEC filings. Additional risks, may be included in a future prospectus supplement or free writing prospectus that we authorize from time to time, or that are incorporated by reference herein in future SEC filings. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow could be seriously harmed. This could cause the trading price of our common stock to decline, resulting in a loss of all or part of your investment. Please also read carefully the section below entitled “Special Note Regarding Forward-Looking Statements.”

Risks Related to our Common Stock and this Offering

Nasdaq may delist our Common Stock for public interest concerns and we may be delisted if our stock price remains below Nasdaq’s minimum bid price.

Because of the highly dilutive nature of the Public Offering, Nasdaq may delist our Common Stock for public interest concerns or because our stock is below Nasdaq’s minimum bid price, even if we are otherwise able to maintain compliance for continued listing on Nasdaq. A number of Nasdaq-listed companies have filed public disclosures regarding the receipt of notification letters indicating that Nasdaq made the determination to delist such companies as a result of public interest concerns arising from the issuance of warrants with similar terms to, and similar potential dilutive impact as, the common warrants sold in the Public Offering. While we believe that the special meeting stockholder approvals we received prior to the Public Offering mitigates the public interest concerns that Nasdaq has identified, there can be no assurance that Nasdaq will agree and our common stock may be delisted from Nasdaq. Additionally, like other Nasdaq-listed companies that sold warrants with similar terms as the warrants we sold in the Public Offering, following the exercise of the warrants sold in the public offering our stock price has dropped below Nasdaq’s minimum bid price. While we have affected the Reverse Stock Split, there is no assurance that we will be successful in maintaining compliance with Nasdaq’s minimum bid price or that Nasdaq will not delist our common stock.

If we are unable to comply with Nasdaq’s continued listing