Helius Medical's $15 Million Cash Raise Prices Above Market — But Can a Tiny Neurotech Firm Spend Its Way to Growth?

Shares of Helius Medical Technologies shifted in after-hours trading on October 1, climbing 7.7% to $2.82, two days after the company priced a registered direct offering — a sale of stock directly to select investors — expected to raise roughly $15 million before fees. Solana Company Sells $15 Million in Stock at a Premium — But With Shares Trading Far Below, Is the Crypto Treasury Bet Working?

Shares shifted in after-hours trading as Solana Company (NASDAQ: HSDT) — the former Helius Medical Technologies, now a publicly listed crypto treasury firm — rose 7.7% to $2.82 on October 1, two days after pricing a $15 million registered direct offering to a single institutional investor. The deal raises a fundamental question: why would anyone pay a premium for shares of a company whose stock trades well below the offering price?

• The Numbers Don't Add Up at First Glance. The company sold 4,369,356 shares at $3.433 each, with warrants to buy the same number of shares at $3.776. Yet HSDT closed at just $2.62 on September 30. The shares were priced at a 5% premium to the company's net asset value per share, and the warrants at a 10% premium to NAV. That means the institutional buyer is betting the stock is undervalued relative to HSDT's Solana holdings — a gap the market has not closed.

• The Real Business Is Now Crypto, Not Medical Devices. As of September 24, the company held 2.3 million SOL tokens and $2.3 million in cash and stablecoins, for a total NAV of $278 million at a SOL price of $119.

HSDT is currently the fourth-largest publicly listed Solana reserve firm. With a market cap around $157 million, the stock trades at roughly a 43% discount to its stated asset value — a gap that entices value hunters but also reflects crypto volatility risk.

• Proceeds Could Buy More SOL or Shrink the Share Count. The company plans to use the funds to grow its Solana-per-share metric, including potential stock buybacks and acquiring more SOL tokens. That dual-use promise gives management flexibility but also ambiguity: investors don't know whether the $15 million will chase more volatile crypto or reduce dilution.

• Dilution Is the Persistent Price of This Strategy. The offering adds roughly 8.7 million potential shares (shares plus warrants) to a float that already exceeded 52.8 million common shares as of February 2026.

In Q1 2026, the company reported a $89.2 million unrealized loss on digital assets after SOL dropped ~33% during the quarter — a reminder that treasury-style bets amplify both gains and losses. The premium pricing signals institutional confidence, but the stock's steep discount to NAV suggests the broader market remains unconvinced.