HSDTSolana Company

Generally, global macroeconomic conditions remain uncertain, largely due to the effects of geopolitical conflicts in the Ukraine and in the Middle East, disruptions in the banking system and financial markets, increased high inflation, sustained high interest rates rates, and unpredictable trade policies, including tariffs, U.S. tariffs imposed or threatened to be imposed, any retaliatory actions taken by other countries, and uncertainties regarding the ability to obtain refunds for previously paid tariffs that have subsequently been invalidated, customs regulations and other trade restrictions. The general economic Trade disputes, trade restrictions, tariffs and capital market conditions, both in other geopolitical tensions between the U.S. and worldwide, have been volatile other countries may also exacerbate unfavorable macroeconomic conditions including inflationary pressures, foreign exchange volatility, financial market instability, and economic recessions or downturns, which may also negatively impact customer demand for our products or services, delay purchases or renewals, limit expansion opportunities with customers, limit our access to capital, or otherwise negatively impact our business and operations. Ongoing tariff, trade restrictions and macroeconomic uncertainty has and may continue to contribute to volatility in the past and at times have adversely affected the Company’s access to capital and increased the cost price of capital. The capital and credit markets may not be available to support future capital raising activity on favorable terms. If economic conditions decline, the Company’s future cost of equity or debt capital and access to the capital markets could be adversely affected. our Class A common stock.

As discussed in more detail in Note 8 to our consolidated financial statements, the Company On September 15, 2025, we entered into a sales agreement related Sales Agreement (the “2025 Sales Agreement”) with Clear Street LLC (“Clear Street”) and Maxim Group LLC (“Maxim”), as co-sales agents, pursuant to our at-the-market offering program (“ATM”) under which we may offer and sell shares of our Class A common stock from time to time having gross proceeds an aggregate offering price of up to $2.0 million. $92.8 million (the “2025 ATM”). During the year ended December 31, 2024, the Company 2025, we issued and sold shares 1,347,916 shares with gross net proceeds of $1.3 $24.2 million under the 2025 ATM. In addition, the Company received gross proceeds of $0.2 million from the issuance of shares upon the exercise of warrants for the year ended December 31, 2024. On January 21, 2025, the Company entered into warrant exercise inducement offer letters and new warrant issuance which generated $3.4 million in net proceeds as discussed in more detail in Note 15 to our consolidated financial statements.