Solana Company SEC Filings

Helius Medical Technologies filed a prospectus supplement for an at-the-market equity program to sell up to $92.8 million of Class A common stock and disclosed a contemporaneous PIPE (cash and cryptocurrency) and advisory agreements dated September 15, 2025. The company reported a last Nasdaq sale price of $7.56 per share and expects the PIPE to close on or about September 18, 2025, subject to customary conditions and stockholder approvals for certain warrants.

Management intends to use net proceeds primarily to acquire SOL (Solana) tokens and to support a Solana-centric digital asset treasury, with Pantera engaged as strategic and trading advisor. The filing discloses recent corporate actions including reverse stock splits, increases in authorized shares, prior private placements and Nasdaq compliance remediation; Nasdaq confirmed regained compliance but the company will be monitored until July 7, 2026. The supplement emphasizes significant regulatory, custody, staking and market risks tied to the Solana strategy and potential dilution from multiple warrant and financing arrangements.

Helius Medical Technologies entered into private placement agreements to sell Cash Securities and Cryptocurrency Securities consisting of shares, pre-funded warrants and stapled warrants priced at $6.881 per share (pre-funded warrants priced at $6.880) with stapled warrants exercisable at $10.134. Cryptocurrency purchasers will pay with Unlocked or Locked SOL tokens; cash purchasers may use USD, USDC or USDT. Cryptocurrency warrants require stockholder approval before issuance for certain shares and the company will call a special meeting as soon as practicable. Pantera and Summer were engaged as strategic advisors and Pantera will also manage the company’s digital assets under a 10-year trading advisory with tiered AUM fees (1.0% to 0.5%). Advisor and PIPE lock-up periods apply and advisor warrants equal to 10% (7% Pantera, 3% Summer) of the Cash and pre-funded warrant shares were issued, with additional performance-based warrants tied to stapled warrant exercises. Summer is controlled by Joseph Chee, who is expected to be named Executive Chairman following closing.

Armistice Capital, LLC and Steven Boyd report beneficial ownership of 180,028 shares of Helius Medical Technologies Class A common stock, representing 4.99% of the class. The filing shows shared voting and shared dispositive power over those shares and states Armistice is the investment manager of the direct holder, Armistice Capital Master Fund Ltd., which holds the securities. The Master Fund disclaims beneficial ownership due to its investment management agreement. The reporting persons certify the securities are held in the ordinary course of business and not to change or influence control of the issuer.

L1 Capital Global Opportunities Master Fund, Ltd. reports beneficial ownership of 640 shares of Helius Medical Technologies common stock, comprised of 203 direct common shares and 437 shares underlying warrants. The holding represents 1.01% of the company's outstanding common stock on a post-reverse-split basis, and the filer states sole voting and dispositive power over all 640 shares. The filing references an earlier Schedule that covered 214,050 shares and warrants purchased in the same offering and explains the company completed a 1-for-50 reverse stock split that affected the share counts. Two directors of the reporting fund are named and may be deemed to beneficially own the securities but disclaim such ownership for other purposes.

Helius Medical Technologies (HSDT) received a Schedule 13G/A filed by CVI Investments, Inc. and Heights Capital Management, Inc. The filers state they collectively hold 0 shares, representing 0% of the Class A common stock, and that ownership is at or below the 5% threshold. Heights Capital is identified as the investment manager to CVI and may be deemed to have voting and dispositive power over CVI's shares, while each party disclaims beneficial ownership except for any pecuniary interest.

The filing references a previously filed limited power of attorney and a joint filing agreement and contains no disclosure of an acquisition, disposition, or group control.