SCHEDULE: Solana Rocket Holdings Discloses 9.99% Stake in Helius Medical

Solana Rocket Holdings Limited and its controlling shareholder, CHUNG Wai Shing, reported a 9.99% beneficial ownership stake in Helius Medical Technologies, Inc.

Summary

• Solana Rocket Holdings Limited and CHUNG Wai Shing jointly reported beneficial ownership of 4,040,871 shares of Helius Medical Technologies, Inc. Class A Common Stock.
• This represents 9.99% of the outstanding shares, capped by a 'Beneficial Ownership Blocker' which prevents ownership from exceeding this threshold.
• The ownership comprises 3,887,319 shares of Common Stock, 10,936,107 pre-funded warrants, and 14,823,426 cash stapled warrants.
• The percentage of beneficial ownership is calculated based on 40,295,612 shares of Common Stock outstanding as of September 24, 2025, as provided by the Issuer, plus 153,552 shares of Common Stock issuable upon partial exercise of the Warrants, reflecting the Beneficial Ownership Blocker.

Sentiment

Score: 7

Explanation: The disclosure of a significant passive stake by an institutional investor and its controlling shareholder, along with substantial warrant holdings, generally indicates a positive long-term view of the company, despite the beneficial ownership blocker.

Positives

• A significant institutional investor, Solana Rocket Holdings Limited, and its controlling shareholder, CHUNG Wai Shing, have disclosed a substantial stake in Helius Medical Technologies, Inc., potentially indicating confidence in the company.
• The reporting persons hold a large number of warrants (over 25 million in total) which, if fully exercisable, would represent a much larger stake, suggesting long-term interest, albeit currently capped by the beneficial ownership blocker.

Negatives

• The presence of a 'Beneficial Ownership Blocker' limits the reporting persons' ability to exercise all their warrants and increase their ownership beyond 9.99%, which could restrict their influence or potential for a larger strategic investment.

Risks

• The 'Beneficial Ownership Blocker' prevents the reporting persons from exercising warrants that would result in ownership exceeding 9.99% of the total outstanding common stock, potentially limiting their upside or strategic flexibility within the company.

Future Outlook

The filing is a factual report of current beneficial ownership and does not contain forward-looking statements or guidance from the company or the reporting persons regarding future operations or financial performance.

Industry Context

This filing indicates a significant passive investment in Helius Medical Technologies, Inc. by Solana Rocket Holdings Limited and CHUNG Wai Shing. Such a substantial stake by an external investor can be viewed as a vote of confidence in the company's long-term prospects within the medical technology sector, particularly given the nature of the warrants held.

Comparison to Industry Standards

• This filing is a standard disclosure of beneficial ownership and does not provide financial results or operational metrics that can be directly compared to industry benchmarks or specific comparable companies.
• The 9.99% stake is a significant passive investment, typical for Schedule 13G filings, but its strategic implications would depend on the specific context of Helius Medical Technologies within its industry.

Stakeholder Impact

• Shareholders: The disclosure of a significant passive investor holding a 9.99% stake, along with substantial warrants, could be perceived positively, potentially signaling investor confidence and stability.
• Company Management: Awareness of a large passive investor with a capped stake might influence strategic decisions, though the 'Beneficial Ownership Blocker' limits direct influence.

Next Steps

• The filing does not explicitly mention future actions, events, or milestones for Helius Medical Technologies, Inc. or the reporting persons, beyond the ongoing beneficial ownership.

Key Dates

Recommendation

The filing indicates a significant passive investment by Solana Rocket Holdings Limited and CHUNG Wai Shing, holding 9.99% of Helius Medical Technologies, Inc. common stock and substantial warrants. While this signals investor confidence, the 'Beneficial Ownership Blocker' limits their ability to increase their stake beyond 9.99%, which could cap potential upside from increased investor activism or a larger strategic play. Without further operational or financial updates from the company, the current information suggests a 'hold' position, acknowledging the positive signal of institutional interest but without immediate catalysts for a 'buy' or 'sell' recommendation based solely on this ownership disclosure.

Keywords

Helius Medical Technologies, Solana Rocket Holdings, CHUNG Wai Shing, Schedule 13G, Beneficial Ownership, Common Stock, Warrants, Investment, Shareholder