Solana Company's stock price plummeted by 60% in three days, falling below the PIPE pricing level

BlockBeats News, October 21st, Digital Asset Treasury company Solana Company (HSDT) announced that it will allow investors participating in its $500 million PIPE financing round to sell shares early. In the past few days, the company's stock price has plummeted by 60%, falling below the PIPE pricing level.

In recent times, several newly established Digital Asset Treasury (DAT) companies have been financing through the PIPE model to purchase crypto assets. However, as stock prices have plummeted during the lock-up period, this financing model is facing significant pressure.

Solana Company (HSDT) is the former Helius Medical Technologies, backed by Pantera Capital. The company stated that it is unlocking its $500 million PIPE round shares early because its stock price has fallen below the initial purchase price. These shares were initially sold in a private placement in September at a price of $6.881 per share, and the company has now announced that these shares will be eligible for early sale.