Warrant
Issued 2025
Shares Underlying
Exercise Price
Outstanding
- Type
- Anti-Dilution
- Cashless Exercise
- Expiration
HSDT$2.07+2.73%
Solana Co
Sector: Finance ServicesIndustry: Asset ManagementCountry: USExchange: Nasdaq
Mkt Cap:$134.77M
Float & O/S:
Inst Own:
DilutionScan read 48 of Solana Co's SEC filings and found 10 warrant series, 2 ATM programs, 4 shelf registrations and 2 completed offerings on file for HSDT. The latest dilution event on file is a warrant issuance on Oct 1, 2026. Analysis updated Oct 14, 2026.
Signal8 Summary
HSDT
Negative cash runway and massive dilution
Snapshot
Solana Company has transformed from a medical device firm into a crypto treasury holding Solana tokens. While revenue surged to $6.0M in FY 2025 driven by staking rewards, the financial picture is precarious.
What's Happening Right Now
- : The Board of Directors unanimously rejected an unsolicited all-stock acquisition proposal from Forward Industries valued at $1.48 per share.
- : The company increased its at-the-market equity offering capacity to $250 million, a move that could dilute existing shareholders by over 80% if fully utilized.
- : The CEO and CFO resigned effective May 12, 2026, following a separation agreement, with Executive Chairman Joseph Chee appointed as the new CEO.
- : The company reported a Q1 net loss of $99.8 million driven by an $89.2 million unrealized loss on digital assets and announced the sale of its PoNS medical device business.
- : Solana Company formed a strategic partnership with the Jito Foundation to deploy institutional-grade Solana validators across the Asia-Pacific region.
Raise routes on file: active ATM + effective shelf · latest dilution event 33 days ago
Overall Risk
Offering Ability
Overhead Supply
Historical
Cash Need
AI dilution summary
The dominant contractual driver and its mechanism, then each further driver ranked.
Latest dilution event
Oct 1, 2026 · Warrant Issuance
Every warrant, convertible, ATM and shelf, cited to the filing
A free account reads 3 tickers a day in full
$59/mo with 7 days free, or $49/mo billed yearly ($588/yr)
Share count and cash history
Shares outstanding, potential dilution and cash over time
Outstanding
Warrant
Issued 2025
Shares Underlying
Exercise Price
Outstanding
- Type
- Anti-Dilution
- Cashless Exercise
- Expiration
Warrant
Issued 2025
Shares Underlying
Exercise Price
Outstanding
- Type
- Anti-Dilution
- Cashless Exercise
- Expiration
Warrant
Issued 2025
Shares Underlying
Exercise Price
Outstanding
- Type
- Anti-Dilution
- Cashless Exercise
- Expiration
Warrant
Shares Underlying
Exercise Price
Outstanding
- Type
- Anti-Dilution
- Cashless Exercise
- Expiration
2022 Public Warrants
Shares Underlying
Exercise Price
Outstanding
- Type
- Anti-Dilution
- Cashless Exercise
- Expiration
ATM program
Issued 2025
Total capacity
Sold to date
Remaining capacity
- Sales agent
- Agreement date
- Commission
ATM program
Issued 2023
Total capacity
Sold to date
Remaining capacity
- Sales agent
- Agreement date
- Commission
S-3ASR shelf registration
Issued 2025
Total capacity
Remaining
- Filed
- Effective
- Expires
- Baby shelf
S-3ASR shelf registration
Issued 2025
Total capacity
Remaining
- Filed
- Effective
- Expires
- Baby shelf
S-3 shelf registration
Issued 2023
Total capacity
Remaining
- Filed
- Effective
- Expires
- Baby shelf
S-3 shelf registration
Issued 2025
Total capacity
Remaining
- Filed
- Effective
- Expires
- Baby shelf
Registered direct offering
Issued 2026
Gross proceeds
Price per share
- Shares issued
- Warrant coverage
- Placement agent
Registered direct offering
Gross proceeds
Price per share
- Shares issued
- Warrant coverage
- Placement agent
Know who's about to sell into your HSDT trade
Exercise prices, conversion terms, shelf headroom and the filing sentence behind every number.
$59/mo with 7 days free, or $49/mo billed yearly ($588/yr)
