Company: HSDTW
Filing Date: 2025-06-06
Form Type: 424B4
Source: 0001104659-25-056970
Chunk: 28

Company: Solana Co
Filing Date: 2025-06-06
Form: 424B4
Chunk 28
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TABLE OF CONTENTS

### DESCRIPTION OF SECURITIES WE ARE OFFERING
Common Stock. The material terms and provisions of our Common Stock are described under the caption “ Description of Capital Stock ”.

#### Common Warrants
The following summary of certain terms and provisions of the common warrants being offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions of the common warrant, the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part. Prospective investors should carefully review the terms and provisions of the form of common warrant for a complete description of the terms and conditions of the common warrants.

Duration, Exercise Price and Form . Each common warrant will have an initial exercise price of $7.3575 per share, which equals 225% of the public offering price per common stock and common warrants. The common warrants will be immediately exercisable upon issuance and will expire two and one-half (2.5) years after the original issuance date. The exercise price and number of shares of common stock issuable upon exercise are subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our common stock and the exercise price. In addition, at 4:01 p.m. Eastern time on the 5th trading day after the date of issuance (the “First Reset Date”), the exercise terms of the common warrants will be reset to reflect a price equal to the lower of (i) the exercise price then in effect and (ii) the greater of (a) 80% of lowest daily volume weighted average price (“VWAP”) during the period beginning on the 3 rd trading day after the date of issuance and ending on the First Reset Date, and (b) 50% of the Latest Nasdaq Closing Price; and the number of shares issuable upon exercise will be increased such that the aggregate exercise price of the common warrants on the issuance date for the shares of common stock underlying the common warrants then outstanding shall remain unchanged. Subsequently, at 4:01 p.m. Eastern time on the 10th calendar day after the date of issuance (the “Second Reset Date”), the exercise terms of the common warrants will be reset to reflect a price equal to the lower of (i) the exercise price then in effect and (ii) the greater of (a) 80% of lowest VWAP during the period beginning on the 8 th calendar day after the date of issuance and ending