Polar Asset Management (HSDT) holds 4.0% of Solana Co, including warrants

Rhea-AI Filing Summary

Polar Asset Management Partners Inc. amended a Schedule 13G/A to report beneficial ownership of 2,305,169 shares of Solana Co Class A Common Stock, representing 4.0% of the class. The filing states 2,179,916 of those shares are issuable upon exercise of warrants. The form is signed on 05/15/2026.

Key Figures

Beneficial ownership: 2,305,169 shares Percent of class: 4.0% Shares issuable upon exercise: 2,179,916 shares +1 more

4 metrics

Beneficial ownership 2,305,169 shares Amount beneficially owned reported on Schedule 13G/A

Percent of class 4.0% Percent of Class A Common Stock reported in Item 4

Shares issuable upon exercise 2,179,916 shares Included in the beneficial ownership figure as issuable upon exercising warrants

Signature date 05/15/2026 Date on the signed Schedule 13G/A amendment

Key Terms

Schedule 13G/A, beneficially owned, issuable upon exercising the warrants

3 terms

Schedule 13G/A regulatory

"This statement is filed by Polar Asset Management Partners Inc."

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficially owned financial

"Amount beneficially owned: 2305169"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

issuable upon exercising the warrants financial

"including 2,179,916 shares issuable upon exercising the warrants"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 12:44 PM Learn about SEC filing dates

FAQ

What stake does Polar Asset Management report in Solana Co (HSDT)?

Polar reports beneficial ownership of 2,305,169 shares, equal to 4.0% of Solana Co Class A common stock. The filing also states 2,179,916 of those shares are issuable upon exercise of warrants, per the Schedule 13G/A.

Does the Schedule 13G/A show direct voting or dispositive power for Polar (HSDT)?

Yes. The filing states Polar has sole power to vote and sole power to dispose of 2,305,169 shares, including the 2,179,916 shares issuable upon warrant exercise, as disclosed in Item 4 of the statement.

Are the shares held by Polar subject to warrants in the filing for HSDT?

The Schedule 13G/A explicitly includes 2,179,916 shares issuable upon exercising the warrants in the reported 2,305,169 share figure. The filing links the warrant-convertible amount to both voting and dispositive power numbers.

When was the Schedule 13G/A amendment for Polar filed or signed?

The filing shows a signature dated 05/15/2026 by Andrew Ma, Chief Compliance Officer. That signature date appears on the amended Schedule 13G/A submitted by Polar Asset Management Partners Inc.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Solana Co

(Name of Issuer)

Class A Common Stock, $0.001 par value per share

(Title of Class of Securities)

42328V876

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 42328V876

1

Names of Reporting Persons

Polar Asset Management Partners Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,305,169.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,305,169.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,305,169.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Solana Co
(b)	Address of issuer's principal executive offices: 642 NEWTOWN YARDLEY ROAD, NEWTOWN, PA, 18940
Item 2.
(a)	Name of person filing: This statement is filed by Polar Asset Management Partners Inc., a company incorporated under the laws of Ontario, Canada, which serves as the investment advisor to Polar Multi-Strategy Master Fund, a Cayman Islands exempted company ("PMSMF") with respect to the shares directly held by PMSMF.
(b)	Address or principal business office or, if none, residence: 16 York Street, Suite 2900, Toronto, Ontario, M5J 0E6
(c)	Citizenship: Canada
(d)	Title of class of securities: Class A Common Stock, $0.001 par value per share
(e)	CUSIP No.: 42328V876
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	The Reporting Person is an investment fund manager, portfolio manager, exempt market dealer and commodity trading manager registered with the Ontario Securities Commission.
Item 4.	Ownership
(a)	Amount beneficially owned: 2305169
(b)	Percent of class: 4.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,305,169 (including 2,179,916 shares issuable upon exercising the warrants)
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,305,169 (including 2,179,916 shares issuable upon exercising the warrants)
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Polar Asset Management Partners Inc.

Signature:	Andrew Ma
Name/Title:	Chief Compliance Officer
Date:	05/15/2026