[Form 4] Solana Co Insider Trading Activity

Rhea-AI Filing Summary

Solana Co director Jiang Cosmo Yi exercised warrants to acquire 1,005,040 shares of common stock. The warrants carried an exercise price of $0.001 per share and had become fully vested and immediately exercisable as of May 3, 2026, following an acceleration elected by Yi.

In connection with this cashless exercise, 610 shares were withheld by the company at $1.65 per share to satisfy obligations, so this portion is a tax-withholding disposition rather than an open-market sale. After these transactions, Yi directly holds 1,004,430 shares of Solana Co common stock.

Insights

Equity compensation analyst

Routine warrant exercise with minor tax withholding; no open-market trading.

Director Jiang Cosmo Yi exercised warrants to acquire 1,005,040 shares of Solana Co common stock at an exercise price of $0.001 per share. The filing notes that the vesting of this warrant was accelerated so it became fully exercisable as of May 3, 2026.

To complete this largely non-cash, cashless exercise, the issuer withheld 610 shares at $1.65 per share to cover obligations. This F-code transaction is a tax-withholding disposition, not an open-market sale, so it carries little informational value about the director’s view of the stock.

Following the transactions, Yi holds 1,004,430 common shares directly, and the derivativeSummary is empty, indicating the reported warrant position was fully exercised. The overall pattern looks like a standard equity-compensation event rather than a directional bet, so its impact on the broader investment case appears limited.

Insider Trade Summary

1,005,040 shares exercised/converted

Mixed 3 txns

Insider Jiang Cosmo Yi

Role null

Type	Security	Shares	Price	Value
Exercise	Warrant (Right to Buy)	1,005,040	$0.00	--
Exercise	Common Stock	1,005,040	$0.001	$1K
Tax Withholding	Common Stock	610	$1.65	$1K

Holdings After Transaction: Warrant (Right to Buy) — 1,005,040 shares (Direct, null); Common Stock — 1,005,040 shares (Direct, null)

Footnotes (1)

1. This transaction reported represents the withholding of shares by the Issuer to satisfy the cashless exercise by the Reporting Person in connection with the exercise of the warrant reported on Table II herein. The warrant initially contained a vesting schedule as was more fully described in the Reporting Person's Form 4 filed with the Securities and Exchange Commission on June 4, 2026 (the "Original Vesting Schedule"). Notwithstanding the Original Vesting Schedule reported therein, such Original Vesting Schedule was accelerated in full at the election of the Reporting Person, such that the shares underlying the warrant became fully vested and the warrant immediately exercisable as of May 3, 2026.

Key Figures

Shares acquired via warrant exercise: 1,005,040 shares Warrant exercise price: $0.001 per share Shares withheld for obligations: 610 shares +5 more

8 metrics

Shares acquired via warrant exercise 1,005,040 shares Common Stock acquired through derivative exercise on June 2, 2026

Warrant exercise price $0.001 per share Exercise or conversion price for underlying common stock

Shares withheld for obligations 610 shares Tax-withholding disposition at $1.65 per share

Withholding price per share $1.65 per share Price used for shares withheld in cashless exercise

Common shares held after transactions 1,004,430 shares Direct ownership following June 2, 2026 transactions

Warrant expiration date September 18, 2030 Original expiration for warrant exercised into common stock

Derivative exercises reported 1 transaction, 1,005,040 shares Exercise or conversion of derivative security (code M)

Tax-withholding transactions reported 1 transaction, 610 shares Payment of exercise price or tax liability (code F)

Key Terms

cashless exercise, warrant, Exercise or conversion of derivative security, Payment of exercise price or tax liability by delivering securities, +1 more

5 terms

cashless exercise financial

"represents the withholding of shares by the Issuer to satisfy the cashless exercise by the Reporting Person"

A cashless exercise is a way for an option holder to convert stock options into actual shares without paying the purchase price in cash; instead they immediately give up a portion of the newly issued shares to cover the cost and any withholding taxes. Investors care because this process increases the number of shares available and can slightly dilute existing holdings, while also signaling how insiders or employees are realizing compensation without needing cash — similar to paying for a purchase by handing over part of what you just bought.

warrant financial

"in connection with the exercise of the warrant reported on Table II herein"

A warrant is a time-limited financial contract that gives its holder the right to buy a company's shares at a set price before a specified date, like a coupon that lets you purchase stock at a fixed discount for a limited time. It matters to investors because warrants offer leveraged exposure to a stock’s upside and can dilute existing shareholders if exercised, so they affect potential gains and the company’s outstanding share count.

Exercise or conversion of derivative security financial

"transaction_code_description: Exercise or conversion of derivative security"

Payment of exercise price or tax liability by delivering securities financial

"transaction_code_description: Payment of exercise price or tax liability by delivering securities"

vesting schedule financial

"The warrant initially contained a vesting schedule as was more fully described"

A vesting schedule is a timeline that determines when someone gains full ownership of certain benefits, such as company stock or retirement contributions. Think of it like earning the right to own a gift gradually over time, rather than receiving it all at once. It matters to investors because it affects when they can fully access or sell these benefits, influencing their financial planning and decision-making.

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Form 4 Insider Transactions: What Each Field Means →

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^*

Jiang Cosmo Yi

(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)
06/02/2026

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)

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/02/2026		M		1,005,040	A	$0.001	1,005,040	D
Common Stock	06/02/2026		F(1)		610	D	$1.65	1,004,430	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrant (Right to Buy)	$0.001	06/02/2026		M			1,005,040	(2)	09/18/2030	Common Stock	1,005,040	$0	1,005,040	D

Explanation of Responses:

1. This transaction reported represents the withholding of shares by the Issuer to satisfy the cashless exercise by the Reporting Person in connection with the exercise of the warrant reported on Table II herein.

2. The warrant initially contained a vesting schedule as was more fully described in the Reporting Person's Form 4 filed with the Securities and Exchange Commission on June 4, 2026 (the "Original Vesting Schedule"). Notwithstanding the Original Vesting Schedule reported therein, such Original Vesting Schedule was accelerated in full at the election of the Reporting Person, such that the shares underlying the warrant became fully vested and the warrant immediately exercisable as of May 3, 2026.

	/s/ Cosmo Yi Jiang	06/04/2026
	** 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)