Helius Medical Technologies rebrands as Solana Company

NEWTOWN, Pa. - Helius Medical Technologies, Inc. (NASDAQ:HSDT), with a market capitalization of $535.6 million, announced Monday it has changed its corporate name to Solana Company while maintaining its current ticker symbol. According to InvestingPro data, the stock has shown significant volatility, with a dramatic 95% decline over the past six months.

The medical device company, which previously focused on neurologic deficits, has filed the necessary amendments to its Certificate of Incorporation with the Delaware Secretary of State and updated its bylaws to reflect the name change. InvestingPro analysis indicates the company maintains a strong liquidity position with a current ratio of 4.32, though it currently shows weak overall financial health.

The company also entered into a non-binding letter of intent with the Solana Foundation, committing to conduct all on-chain activity exclusively on the Solana blockchain and participate in joint initiatives to showcase Solana capabilities.

As part of the agreement, HSDT will have the option to purchase Solana (SOL) tokens from the Foundation at a discount, subject to certain conditions. The company continues to implement its digital asset treasury strategy using funds from its recent $500 million PIPE financing.

"Solana Company is a name that signifies HSDT’s commitment to building a long-lasting institution that accelerates the growth of Solana," said Cosmo Jiang, General Partner at Pantera Capital and Board Observer at HSDT.

According to the press release, Solana processes more than 3,500 transactions per second and averages approximately 3.7 million daily active wallets. The network has reportedly surpassed 23 billion transactions year-to-date.

The company’s original business involved the Portable Neuromodulation Stimulator, a medical device for neurologic diseases. The announcement indicates a significant strategic shift toward blockchain technology while maintaining its public listing status.

This information is based on a company press release statement. InvestingPro subscribers have access to 15 additional key insights about HSDT, including detailed financial health metrics and valuation analysis. Get the complete picture with the comprehensive Pro Research Report, available exclusively to subscribers.

In other recent news, Helius Medical Technologies has made significant strides with its Portable Neuromodulation Stimulator (PoNS) device. The company submitted a 510(k) application to the U.S. Food and Drug Administration, seeking approval for the PoNS device to treat gait and balance deficits in patients with chronic stroke symptoms. This application follows positive results from clinical trials, which showed a mean improvement in the Functional Gait Assessment, surpassing the clinically meaningful threshold. Additionally, Helius has raised $500 million through a private placement offering to support a digital asset treasury strategy focused on acquiring Solana’s native cryptocurrency, SOL. This financing was led by Pantera Capital and Summer Capital, with participation from several other investors. The company also announced an oversubscribed private investment in public equity offering, which could potentially raise over $1.25 billion if all stapled warrants are exercised. These developments signal a strategic shift for Helius, as it plans to transform into a Solana-focused treasury company.

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