Company: HSDTW
Filing Date: 2025-04-22
Form Type: PRE 14A
Source: 0001104659-25-037535
Chunk: 21

Company: Solana Co
Filing Date: 2025-04-22
Form: PRE 14A
Chunk 21
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 that the increase in the number of authorized shares of Common Stock is necessary to provide us with resources and flexibility with respect to our capital sufficient to execute our business plans and strategy. Accordingly, the Board has unanimously approved a resolution proposing such amendment to our Certificate of Incorporation and directed that it be submitted for approval at the Special Meeting.

The text of the form of the proposed Certificate of Amendment to our Certificate of Incorporation to effect the Authorized Share Increase, which assumes the approval of this proposal, is attached hereto as Appendix B .

The number of authorized shares of Common Stock following the amendment of our Certificate of Incorporation as a result of the approval of this Proposal 2 will not be reduced by the reverse split.

Of the 150,000,000 shares of Common Stock currently authorized, [ ] shares of Common Stock were outstanding as of the Record Date.

Reasons for the Proposed Increase in Number of Authorized Shares of Common Stock

To provide us with resources and flexibility with respect to our capital sufficient to execute our business plans and strategy. The increase in authorized shares of Common Stock will provide us greater flexibility with respect to our capital structure for various purposes as the need may arise from time to time. These purposes may include, but are not limited to: raising capital, establishing strategic relationships or pursuing strategic transactions with other companies, expanding commercialization efforts, funding manufacturing activities, conducting clinical trials, expanding our business through the acquisition of other businesses or products and providing equity incentives to employees, officers or directors. As of December 31, 2024, the Company is operating with available working capital of approximately $1.3 million. The Company has recurring losses from operations that are expected to continue into the foreseeable future and accumulated deficit of $171.7 million. The Company has historically supplemented revenues earned with proceeds received from the sale of debt or equity securities in order to meet its working capital requirements, including in connection with its existing at-the-market offering program (the “

#### ATM
”). Until such time as the Company has sufficient revenue to meet its working capital requirements, we expect that we will need to continue to supplement our revenues through the sale of our securities, which will include, but may not be limited to the sale of our Common Stock under the ATM. As a result, our Board may in the future determine that it is appropriate or necessary to raise additional capital to fund our operations through the sale of equity securities, convertible debt securities or other equity linked securities or to issue equity securities to satisfy outstanding payables in lieu of paying cash. Other than shares