tm2615718-1_424b5 - none

424B5 1 tm2615718-1_424b5.htm 424B5 tm2615718-1_424b5 - none - 3.8004499s

Filed Pursuant to Rule 424(b)(5)
Registration No. 333-290429

PROSPECTUS SUPPLEMENT
(To Prospectus Dated March 31, 2026)

Up to $250,000,000 of Class A Common Stock

We have previously entered into a sales agreement with Clear Street LLC (“Clear Street”) and Maxim Group LLC (“Maxim,” and together with Clear Street, the “Sales Agents”) dated September 15, 2025 (the “Prior Sales Agreement”), which was amended and restated on May 29, 2026 (the “Sales Agreement”), relating to shares of our Class A common stock, par value $0.001 per share (the “common stock”), offered by this prospectus supplement and the accompanying prospectus. In accordance with the terms of the Sales Agreement, pursuant to this prospectus supplement, we may offer and sell shares of our common stock having an aggregate offering price of up to $250,000,000 from time to time through the Sales Agents, reflecting an increase in the maximum aggregate offering price covered by the prior prospectus supplement (as defined below). As of the date of this prospectus supplement, we have issued and sold shares of our common stock for aggregate gross sale proceeds of $24,657,697.51 pursuant to the Prior Sales Agreement and a prior prospectus supplement dated September 15, 2025 and an accompanying prospectus dated May 26, 2023 covering the offering, issuance and sale by us of up to a maximum aggregate offering price of $92.8 million of our common stock. (collectively, the “prior prospectus supplement”). We will not make any further offers or sales of our common stock in accordance with the Prior Sales Agreement pursuant to the prior prospectus supplement.

Our common stock is listed on The Nasdaq Capital Market (“Nasdaq”), under the symbol “HSDT.” On May 28, 2026, the last reported sale price of our common stock on Nasdaq was $2.04 per share.

Sales of shares of our common stock, if any, made through the Sales Agents, or directly to the Sales Agents, as principals, as contemplated in this prospectus supplement and the accompanying prospectus, may be made in negotiated transactions or transactions that are deemed to be “at the market offerings” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, or the Securities Act. The Sales Agents are not required to sell any specific amount of shares of common stock, but will act as our sales agent using commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations, on mutually agreed terms between the Sales Agents and us. There is no arrangement for funds to be received in any escrow, trust or similar arrangement. The compensation to the Sales Agents for sales of common stock sold pursuant to the Sales Agreement will be in an amount up to 3.0% of the gross proceeds of any shares of common stock sold under the Sales Agreement. In connection with the sale of the common stock on our behalf, the Sales Agents may be deemed to be “underwriters” within the meaning of the Securities Act, and the compensation of the Sales Agents may be deemed to be underwriting commissions or discounts. See “Plan of Distribution” beginning on page S-8 for additional information regarding the compensation to be paid to the Sales Agents. We have also agreed to provide indemnification and contribution to the Sales Agents with respect to certain liabilities, including liabilities under the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Under the terms of the Sales Agreement, we also may sell our common stock to the Sales Agents, as principals for their own accounts, at a price agreed upon at the time of sale. If we sell our common stock to the Sales Agents, as principals, we will enter into a separate agreement with the Sales Agents, setting forth the terms of such transaction, and we will describe the agreement in a separate prospectus supplement or pricing supplement.

Investing in our common stock involves a high degree of risk. You should read this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein before you make your investment decision. See “Risk Factors” beginning on page S-3 of this prospectus supplement and page 4 of the accompanying prospectus, and under similar headings in the other documents incorporated by reference herein, to read about risks that you should consider before making a decision to purchase shares of our common stock.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement and the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Clear Street Maxim Group LLC

The date of this prospectus supplement is May 29, 2026.

	Page
ABOUT THIS PROSPECTUS SUPPLEMENT		S-ii
PROSPECTUS SUPPLEMENT SUMMARY		S-1
THE OFFERING		S-2
RISK FACTORS		S-3
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION		S-5
USE OF PROCEEDS		S-6
DIVIDEND POLICY		S-7
PLAN OF DISTRIBUTION		S-8
LEGAL MATTERS		S-10
EXPERTS		S-10
WHERE YOU CAN FIND MORE INFORMATION		S-10
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE		S-11

	ABOUT THIS PROSPECTUS					1
	SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS					2
	THE COMPANY					3
	RISK FACTORS					4
	DESCRIPTION OF CAPITAL STOCK					6
	DESCRIPTION OF DEBT SECURITIES					10
	DESCRIPTION OF WARRANTS					17
	DESCRIPTION OF UNITS					18
	GLOBAL SECURITIES					19
	PLAN OF DISTRIBUTION					22
	LEGAL MATTERS					24
	EXPERTS					24
	WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE					24

SEC Form 424B5 filed by Solana Company