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Investing.com -- Helius Medical Technologies Inc (NASDAQ:HSDT) stock soared 220% premarket Monday after announcing a major strategic shift to become a Solana blockchain-focused treasury vehicle.
The company has priced an oversubscribed private investment in public equity offering (PIPE) that could potentially deliver over $1.25 billion in capital. The offering consists of over $500 million in proceeds from the PIPE transaction and potentially over $750 million more if all stapled warrants are exercised.
Led by institutional and crypto-native investors including Pantera Capital and Summer Capital, the offering is expected to close around September 18, 2025. The company plans to use the proceeds to implement a digital asset treasury strategy with SOL, the native cryptocurrency of the Solana blockchain, serving as its primary treasury reserve asset.
Following the closing, Helius will undergo leadership changes with Joseph Chee, Founder and Chairman of Summer Capital and former UBS executive, becoming Director and Executive Chairman. Cosmo Jiang from Pantera Capital will join as Board Observer, while Dan Morehead, Founder of Pantera Capital, will serve as a strategic advisor.
"We believe that Solana is a category-defining blockchain and the foundation on which a new financial system will be built," said Dan Morehead. "A productive treasury company, backing the industry’s most affordable, fastest, and most accessible network, stands to substantially increase institutional and retail access to the Solana ecosystem and help fuel its adoption around the world."
The company’s common stock will continue trading under the ticker "HSDT" on the Nasdaq Capital Market, with the updated treasury strategy taking effect immediately after closing.
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