Solana Company Files Application to Cease to Be a Reporting Issuer in Canada

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NEWTOWN, Pa., Nov. 04, 2025 (GLOBE NEWSWIRE) — Solana Company (NASDAQ: HSDT) (“Solana” or the “Company”) today announced that it has applied to the British Columbia Securities Commission, as principal regulator, and the Ontario Securities Commission, for an order under the securities legislation of British Columbia and Ontario (the “Requested Order”) that the Company has ceased to be a reporting issuer in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador, being the jurisdictions in Canada in which the Company is currently a reporting issuer (the “Canadian Jurisdictions”). The Class A common stock of Solana was voluntarily delisted from the Toronto Stock Exchange on September 9, 2021, but the Company has remained a reporting issuer in the Canadian Jurisdictions since such delisting.

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If the Requested Order is granted, the Company will cease being a reporting issuer in the Canadian Jurisdictions. As a result, the Company will no longer be required to file financial statements and other continuous disclosure documents in the Canadian Jurisdictions pursuant to Canadian securities laws. Solana will continue to file all financial statements and other continuous disclosure materials required to be filed by the Company in accordance with applicable U.S. securities law and the rules of The Nasdaq Stock Market LLC.

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Forward-Looking Statements

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This press release contains statements that constitute “forward-looking statements” within the meaning of the U.S. federal securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws.  In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue”, the negative of such terms or other comparable terminology. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those expressed or implied by such statements. Forward-looking statements may include, among others, statements with respect to the Requested Order, including whether the Requested Order will be granted and the consequences thereof.

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These forward-looking statements are based on current expectations, estimates, assumptions, and projections, and involve known and unknown risks, uncertainties, and other factors many of which are beyond the Company’s control that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, the Company’s ability to execute its growth strategy; its ability to raise and deploy capital effectively; developments in technology and the competitive landscape; the market performance of SOL; and regulatory discretion that may be exercised by Canadian securities regulators, and other risks and uncertainties described under “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC on March 25, 2025, and in other subsequent filings with the SEC. These filings are available at www.sec.gov. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.