Solana Company approves share buyback plan for up to $100 million

Solana Company (ticker HSDT), formerly Helius Medical Technologies, announced approval for a stock buyback plan authorizing the repurchase of up to $100 million of its Nasdaq-listed common shares. The program is open-ended, allowing repurchases in the open market or negotiated transactions. Executive Chairman Joseph Chee stated that acquiring its own shares may be the best expected return of capital for the goal of maximizing SOL per share accumulation, especially during the current market adjustment. This move follows a trend among digital asset treasuries using buybacks to narrow Net Asset Value (NAV) discounts. Solana Company recently increased its SOL holdings to over 2.3 million tokens and recently added Pantera Capital General Partner Cosmo Jiang to its board. The company's shares have recently declined significantly, trading at $4.79 as of the report.

(Source：The Block)