Solana Company SEC Filings

Helius Medical Technologies completed a $500 million PIPE on September 18, 2025 and launched a Solana-centric digital asset treasury strategy to acquire SOL via open-market purchases and build Solana treasury operations. The PIPE included cash and cryptocurrency purchasers buying combinations of common shares, pre-funded warrants and stapled warrants; exercise of the cryptocurrency-related warrants is conditioned on stockholder approval. The company’s PoNS® portable neuromodulation device is cleared in the U.S. for short-term treatment of gait deficit due to mild-to-moderate MS, authorized in Canada for three indications and is Class IIa in Australia. Common stock trades on Nasdaq under HSDT (last reported price $23.17 on September 18, 2025) and there were 39,382,328 shares outstanding as of September 18, 2025.

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.