Director Walter Blane receives 2,180-share RSU grant at Solana Co (HSDT)

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

4/A

Rhea-AI Filing Summary

Walter Blane reported acquisition or exercise transactions in this Form 4 filing.

Solana Co director Walter Blane received an equity award of 2,180 shares of Class A common stock, reported as a grant or award at a price of $0.00 per share. Following this grant, he directly holds 2,182 shares.

The award represents restricted stock units under Solana Co’s 2022 Equity Incentive Plan. According to the terms, 75% of the RSUs vested on March 31, 2026 and the remaining 25% will vest on June 30, 2026, subject to his continued service. The amendment also notes three prior reverse stock splits, and the share numbers have been adjusted to reflect those splits after the initial Form 4 omitted them.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Walter Blane

Role null

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock	2,180	$0.00	--

Holdings After Transaction: Class A Common Stock — 2,182 shares (Direct, null)

Footnotes (1)

Grant to the Reporting Person of restricted stock units ("RSUs") under the Issuer's 2022 Equity Incentive Plan. 75% of the RSUs vested on March 31, 2026, and the remaining 25% of RSUs will vest on June 30, 2026, subject to the Reporting Person's continued service through such vesting period. The Issuer implemented three reverse stock splits. Effective August 16, 2023, the Issuer effected a 1-for-50 reverse stock split for the Issuer's Class A common stock, effective May 2, 2025, the Issuer effected a second 1-for-15 reverse stock split of the Issuer's Class A common stock and effective July 1, 2025, the Issuer effected a third 1-for-50 reverse stock split of the Issuer's Class A common stock. The number of securities reported herein have been adjusted to reflect the reverse stock split. The initial Form 4 did not account for the reverse stock splits.

Key Figures

RSU grant size: 2,180 shares Grant price: $0.00 per share Post-transaction holdings: 2,182 shares +5 more

8 metrics

RSU grant size 2,180 shares Class A Common Stock grant to director

Grant price $0.00 per share Equity award, not open-market purchase

Post-transaction holdings 2,182 shares Director’s direct ownership after grant

Initial vesting portion 75% of RSUs Vested on March 31, 2026

Final vesting portion 25% of RSUs Scheduled to vest on June 30, 2026

First reverse split 1-for-50 Effective August 16, 2023 for Class A common stock

Second reverse split 1-for-15 Effective May 2, 2025 for Class A common stock

Third reverse split 1-for-50 Effective July 1, 2025 for Class A common stock

Key Terms

restricted stock units ("RSUs"), 2022 Equity Incentive Plan, reverse stock splits, Class A common stock

4 terms

restricted stock units ("RSUs") financial

"Grant to the Reporting Person of restricted stock units ("RSUs") under the Issuer's 2022 Equity Incentive Plan."

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

2022 Equity Incentive Plan financial

"Grant to the Reporting Person of restricted stock units ("RSUs") under the Issuer's 2022 Equity Incentive Plan."

reverse stock splits financial

"The Issuer implemented three reverse stock splits."

A reverse stock split is when a company combines multiple existing shares into fewer higher-priced shares—like trading four small slices of a pie for one larger slice. It doesn’t change the overall value of an investor’s holdings immediately, but it raises the per-share price and can matter to investors because it can affect market perception, stock exchange listing eligibility, and trading liquidity, and it changes share counts used in investor metrics.

Class A common stock financial

"The Issuer effected a 1-for-50 reverse stock split for the Issuer's Class A common stock."

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

Form 4 Insider Transactions: What Each Field Means →

05/26/2026 - 07:15 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Walter Blane

(Last)

(First)

(Middle)

C/O SOLANA COMPANY

1650 MARKET STREET, SUITE 3600

(Street)

PHILADELPHIA

PENNSYLVANIA

19103

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Solana Co [ HSDT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)
04/02/2026

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	03/31/2026		A		2,180⁽¹⁾	A	$0	2,182⁽²⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Grant to the Reporting Person of restricted stock units ("RSUs") under the Issuer's 2022 Equity Incentive Plan. 75% of the RSUs vested on March 31, 2026, and the remaining 25% of RSUs will vest on June 30, 2026, subject to the Reporting Person's continued service through such vesting period.

2. The Issuer implemented three reverse stock splits. Effective August 16, 2023, the Issuer effected a 1-for-50 reverse stock split for the Issuer's Class A common stock, effective May 2, 2025, the Issuer effected a second 1-for-15 reverse stock split of the Issuer's Class A common stock and effective July 1, 2025, the Issuer effected a third 1-for-50 reverse stock split of the Issuer's Class A common stock. The number of securities reported herein have been adjusted to reflect the reverse stock split. The initial Form 4 did not account for the reverse stock splits.

	/s/ Agustina Gani Tjandrasuwita, Attorney-in-Fact	05/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Solana Co (HSDT) report for Walter Blane?

Solana Co reported that director Walter Blane received a grant of 2,180 shares of Class A common stock as an equity award. The grant is compensation, not an open-market purchase, and increased his direct holdings to 2,182 shares after the transaction.

How are Walter Blane’s Solana Co (HSDT) RSUs scheduled to vest?

The RSUs granted to Walter Blane vest in two tranches. Footnotes state that 75% of the restricted stock units vested on March 31, 2026, and the remaining 25% will vest on June 30, 2026, if he continues to serve through that vesting period.

Was Walter Blane’s Solana Co (HSDT) Form 4 a market buy or a grant?

The filing shows a grant or award acquisition, not a market buy. Transaction code A and a $0.00 price per share indicate the 2,180 shares were issued as compensation, rather than purchased on the open market by the director.

How many Solana Co (HSDT) shares does Walter Blane hold after this grant?

After the reported grant, Walter Blane directly holds 2,182 shares of Solana Co Class A common stock. This post-transaction figure is disclosed in the filing and reflects adjustments for prior reverse stock splits implemented by the company.

Why was an amended Form 4/A filed for Solana Co (HSDT) director Walter Blane?

The amendment corrects prior reporting for reverse stock splits. Footnotes state Solana Co effected three reverse stock splits, and the number of securities reported has been adjusted to reflect those splits, because the initial Form 4 did not account for them.

What reverse stock splits of Solana Co (HSDT) are referenced in Walter Blane’s filing?

Footnotes describe three reverse stock splits of Solana Co’s Class A common stock: a 1-for-50 split effective August 16, 2023, a 1-for-15 split effective May 2, 2025, and a 1-for-50 split effective July 1, 2025, all now reflected in reported share counts.