HSDT Schedule 13G: 4,040,871 shares reported; warrants disclosed

Rhea-AI Filing Summary

Solana Rocket Holdings Limited and CHUNG Wai Shing jointly disclosed beneficial ownership in Helius Medical Technologies (HSDT). They report shared voting and dispositive power over 4,040,871 Class A shares, representing 9.99% of the outstanding shares based on 40,295,612 shares outstanding as of September 24, 2025. Solana Rocket directly holds 3,887,319 shares plus pre-funded warrants for up to 10,936,107 shares and cash stapled warrants for up to 14,823,426 shares. A Beneficial Ownership Blocker limits exercise of the warrants so the reporting persons are capped at 9.99% (calculated to include 153,552 shares issuable under partial exercise). The filing includes a joint filing agreement as Exhibit 99.1.

Positive

• Transparent disclosure of combined common stock and warrant positions totaling a capped 9.99% beneficial ownership
• Joint filing and attached agreement (Exhibit 99.1) clarify coordination between Solana Rocket and CHUNG Wai Shing

Negative

• Significant warrant exposure (pre-funded warrants for up to 10,936,107 shares and cash stapled warrants for up to 14,823,426 shares) indicates potential future dilution
• Concentration of control as Mr. CHUNG is identified as the controlling shareholder of Solana Rocket, implying shared voting power over 4,040,871 shares

Insights

Financial Analyst

TL;DR: Joint holders report a near-10% capped position using warrants and common stock, creating potential dilution if exercised.

The filing shows a material stake equivalent to 9.99% of HSDT, derived from a combination of common shares and extensive warrant positions held by Solana Rocket. The Beneficial Ownership Blocker constrains immediate conversion, so current reported percent reflects a capped, calculable exposure rather than full warrant conversion. For investors this clarifies ownership concentration and potential latent share supply from warrants, but does not change outstanding shares absent exercise.

Corporate Governance Expert

TL;DR: A controlling shareholder of the reporting entity may be deemed to beneficially own the securities, raising governance concentration questions.

The disclosure identifies Mr. CHUNG as the controlling shareholder of Solana Rocket and reports shared voting and dispositive power over 4,040,871 shares. The joint filing and explicit attribution of control provide transparency on who effectively influences these holdings. The Beneficial Ownership Blocker is disclosed and quantified, which is important for assessing voting influence and any potential coordinated action.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Helius Medical Technologies, Inc.

(Name of Issuer)

Class A Common Stock, $0.001 par value per share

(Title of Class of Securities)

42328V876

(CUSIP Number)

09/18/2025

(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)

SCHEDULE 13G

CUSIP No. 42328V876

1

Names of Reporting Persons

Solana Rocket Holdings Limited

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

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,040,871.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,040,871.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,040,871.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Note to Rows 6,8 and 9: The amount beneficially owned consists of (i) 3,887,319 shares of Common Stock, (ii) certain pre-funded warrants to purchase up to 10,936,107 shares of Common Stock, and (iii) certain cash stapled warrants to purchase up to 14,823,426 shares of Common Stock (together, the "Warrants"), all of which are held directly by Solana Rocket Holdings Limited. Mr. CHUNG Wai Shing is the controlling shareholder of Solana Rocket Holdings Limited and, as such, may be deemed to beneficially own the securities reported herein. As a result of the Beneficial Ownership Blocker (as defined in Item 4), beneficial ownership of the Reporting Persons is capped at 9.99% of the outstanding shares of Common Stock, representing 4,040,871 shares of Common Stock calculated as described herein as of September 24, 2025. Note to Row 11: The percentage of beneficial ownership is calculated based on (i) 40,295,612 shares of Common Stock outstanding as of September 24, 2025, which is provided by the Issuer to the Reporting Persons, and (ii) 153,552 shares of Common Stock issuable upon the partial exercise of the Warrants held by Solana Rocket Holdings Limited, which reflects the Beneficial Ownership Blocker.

SCHEDULE 13G

CUSIP No. 42328V876

1

Names of Reporting Persons

CHUNG Wai Shing

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

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,040,871.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,040,871.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,040,871.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Note to Rows 6,8 and 9: The amount beneficially owned consists of (i) 3,887,319 shares of Common Stock, (ii) certain pre-funded warrants to purchase up to 10,936,107 shares of Common Stock, and (iii) certain cash stapled warrants to purchase up to 14,823,426 shares of Common Stock (together, the "Warrants"), all of which are held directly by Solana Rocket Holdings Limited. Mr. CHUNG Wai Shing is the controlling shareholder of Solana Rocket Holdings Limited and, as such, may be deemed to beneficially own the securities reported herein. As a result of the Beneficial Ownership Blocker (as defined in Item 4), beneficial ownership of the Reporting Persons is capped at 9.99% of the outstanding shares of Common Stock, representing 4,040,871 shares of Common Stock calculated as described herein as of September 24, 2025. Note to Row 11: The percentage of beneficial ownership is calculated based on (i) 40,295,612 shares of Common Stock outstanding as of September 24, 2025, which is provided by the Issuer to the Reporting Persons, and (ii) 153,552 shares of Common Stock issuable upon the partial exercise of the Warrants held by Solana Rocket Holdings Limited, which reflects the Beneficial Ownership Blocker.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Helius Medical Technologies, Inc.
(b)	Address of issuer's principal executive offices: 642 Newtown Yardley Road, Suite 100, Newtown, PENNSYLVANIA, PA, 18940
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed jointly by Solana Rocket Holdings Limited, a British Virgin Islands business company ("Solana Rocket"), and Mr. CHUNG Wai Shing, an individual (collectively, the "Reporting Persons"). Mr. CHUNG Wai Shing is the controlling shareholder of Solana Rocket. As a result, Mr. CHUNG Wai Shing may be deemed to share voting and dispositive power with respect to the securities held by Solana Rocket. An agreement between the Reporting Persons to file this Schedule 13G jointly is attached as Exhibit 99.1.
(b)	Address or principal business office or, if none, residence: The principal business address for both Reporting Persons is 3rd Floor, J & C Building, Road Town, Tortola, British Virgin Islands, VG1110.
(c)	Citizenship: Solana Rocket: British Virgin Islands CHUNG Wai Shing: Hong Kong, China
(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).
Item 4.	Ownership
(a)	Amount beneficially owned: Solana Rocket held 3,887,319 shares of Common Stock, certain pre-funded warrants to purchase up to 10,936,107 shares of Common Stock, and certain cash stapled warrants to purchase up to 14,823,426 shares of Common Stock (together, the "Warrants"). The Reporting Persons are prohibited from exercising the Warrants if, as a result of such exercise, the Reporting Persons (together with their affiliates) would beneficially own more than 9.99% of the total number of shares of Common Stock then issued and outstanding immediately after giving effect to the exercise (the "Beneficial Ownership Blocker"). Accordingly, pursuant to Rule 13d-3 of the Act, the Reporting Persons may be deemed to beneficially own 9.99% of the outstanding shares of Common Stock, representing 4,040,871 shares of Common Stock as of September 24, 2025. The calculation of beneficial ownership of the Reporting Persons is based on (i) 40,295,612 shares of Common Stock outstanding as of September 24, 2025, which is provided by the Issuer to the Reporting Persons, and (ii) 153,552 shares of Common Stock issuable upon the partial exercise of the Warrants held by Solana Rocket, which reflects the Beneficial Ownership Blocker.
(b)	Percent of class: 9.99%.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 4,040,871
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 4,040,871
Item 5.	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:
	Not Applicable

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.

Solana Rocket Holdings Limited

Signature:	/s/ Cheng Rutang
Name/Title:	Cheng Rutang, Director
Date:	10/02/2025

CHUNG Wai Shing

Signature:	/s/ CHUNG Wai Shing
Name/Title:	CHUNG Wai Shing, Individually
Date:	10/02/2025

Exhibit Information

Exhibit 99.1 - Joint Filing Agreement, dated as of September 29, 2025, by and between Solana Rocket Holdings Limited and CHUNG Wai Shing.

FAQ

What percentage of Helius Medical Technologies (HSDT) do the reporting persons beneficially own?

The reporting persons state beneficial ownership of 9.99% based on 40,295,612 shares outstanding as of September 24, 2025.

How many shares and warrants does Solana Rocket Holdings Limited hold?

Solana Rocket directly holds 3,887,319 shares, pre-funded warrants for up to 10,936,107 shares, and cash stapled warrants for up to 14,823,426 shares.

Who is CHUNG Wai Shing in relation to Solana Rocket?

Mr. CHUNG Wai Shing is the controlling shareholder of Solana Rocket and may be deemed to beneficially own the reported securities.

What is the Beneficial Ownership Blocker described in the filing?

It is a restriction that prevents exercise of warrants if doing so would result in beneficial ownership exceeding 9.99%, and the reported stake reflects that cap.

When was this Schedule 13G filed and who signed it?

The signatures show Solana Rocket signed by /s/ Cheng Rutang, Director, and /s/ CHUNG Wai Shing, dated October 2, 2025.