Company: HSDTW
Filing Date: 2025-09-15
Form Type: 424B5
Source: 0001104659-25-089776
Chunk: 17

Company: Solana Co
Filing Date: 2025-09-15
Form: 424B5
Chunk 17
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2002, as amended. If investors consider our common stock less attractive as a result of our election to use the scaled-back disclosure permitted for smaller reporting companies, there may be a less active trading market for our common stock and the share price of our common stock may be more volatile.

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TABLE OF CONTENTS

### THE OFFERING
Common stock offered by us

Shares of our common stock having an aggregate offering price of up to $92,800,000.

Manner of offering

Sales of our common stock, if any, under this prospectus supplement and accompanying prospectus may be made in sales deemed to be “at the market offerings” as defined in Rule 415 promulgated under the Securities Act. See “Plan of Distribution” on page S-19 of this prospectus supplement for a more complete description of the manner of offering.

Shares Outstanding after this Offering

12,955,641, based on an assumed offering price of $7.56 per share, the closing price of our common stock on Nasdaq on September 12, 2025.

Use of proceeds

Assuming the closing of the PIPE Transaction, we intend to use the net proceeds from this offering primarily to acquire Solana tokens. We also intend to use the proceeds from this offering for working capital needs, repurchases of shares of our common stock general corporate purposes and operating expenses, which may include funding acquisitions or investments in businesses, products or technologies that are complementary to our own. Please see “Use of Proceeds” on page S-17.

Risk factors

Investing in our securities involves significant risks. Please read the information contained in or incorporated by reference under the heading “Risk Factors” beginning on page S-9 of this prospectus supplement, and under similar headings in other documents filed after the date hereof and incorporated by reference into this prospectus supplement and the accompanying prospectus.

Nasdaq Capital Market Symbol

HSDT (subject to change upon the closing of the PIPE Transaction)

The number of shares of our common stock to be outstanding after this offering as shown above is based on 680,509 shares outstanding as of June 30, 2025, and excludes:

•

3,593 shares of our common stock issuable upon exercise of outstanding options at a weighted average exercise price of $3,283.72 per share;

•

27,427 shares of our common stock issuable upon exercise of outstanding warrants at a weighted average exercise price of $266.92 per share