Solana Company (NASDAQ: HSDT) entered into securities purchase agreements on September 30, 2026, to sell 4,369,356 shares of Class A common stock and accompanying warrants in a registered direct offering. The Class A common stock was priced at $3.433 per share, representing a 5% premium to Net Asset Value (NAV) per share as of September 24, 2026.
Accompanying the purchased shares are warrants to purchase up to 4,369,356 additional shares of common stock. These Common Warrants have an exercise price of $3.776 per share, which represents a 10% premium to NAV per share. The warrants are exercisable immediately upon issuance and will expire 5.5 years after the date of issuance.
The gross proceeds from the offering are expected to be approximately $15 million, before deducting placement agent fees and other expenses. The net proceeds are expected to be approximately $14.3 million. The Company intends to use the net proceeds to accumulate SOL, support growth in SOL per share, opportunistically buy back stock based on an authorized stock buyback program, acquire Solana to grow the treasury, and for working capital and general corporate purposes.
Clear Street LLC has been appointed as the exclusive placement agent for the offering on a reasonable best efforts basis. The offering is expected to close on or about October 1, 2026, subject to customary closing conditions.
As of September 24, 2026, the Company and its subsidiaries held 2.3 million SOL and $2.3 million in cash and stablecoins, resulting in a total NAV of $278 million based on a SOL price of $119.
