Solana Company Prices $15 Million Direct Offering

Solana Company (NASDAQ: HSDT) has priced a registered direct offering of $15 million with a single global institutional investor, with the deal expected to close on or about October 1, 2026. The transaction involves the sale of 4,369,356 shares of Class A common stock at a purchase price of $3.433 per share, which represents a 5% premium to the company's Net Asset Value (NAV) per share.

The offering includes accompanying warrants to purchase an additional 4,369,356 shares of Class A common stock at an exercise price of $3.776 per share, set at a 10% premium to NAV. Clear Street served as the exclusive placement agent for the offering, which is subject to customary closing conditions.

As of September 24, 2026, Solana Company and its subsidiaries collectively held 2.3 million SOL and $2.3 million in cash and stablecoin holdings. This total NAV was calculated at $278 million based on a SOL price of $119. The gross proceeds from the offering are expected to be approximately $15 million before deducting placement agent fees and other offering expenses.

The company intends to use the expected proceeds to support growth in Solana per share. This includes opportunistically buying back stock under its authorized stock buyback program and acquiring Solana to grow the treasury if deemed attractive to shareholders. The funds will also be allocated to working capital, general corporate purposes, business expansion, and other strategic initiatives.

The securities are being offered pursuant to a shelf registration statement on Form S-3, File No. 333-290429, which became effective on April 8, 2026. A final prospectus supplement and accompanying base prospectus will be filed with the SEC and made available on the SEC's website at www.sec.gov. Electronic copies may also be obtained from the company at 1650 Market Street, Suite 3600, PMB 17139084, Philadelphia, Pennsylvania.

Solana Company operates as a public digital asset treasury firm focused on increasing SOL holdings per share. Its business model integrates active treasury management with staking and validator services, while also providing advisory support to financial institutions adopting blockchain technology. The press release notes that forward-looking statements are included regarding expected proceeds, closing dates, and the implementation of the company's digital asset treasury strategy.