NEWTOWN, PA — Solana Company (NASDAQ: HSDT) has filed an application with the British Columbia Securities Commission and the Ontario Securities Commission seeking to terminate its status as a reporting issuer across multiple Canadian provinces.
If approved, the order would release Solana from financial reporting and disclosure requirements in all ten Canadian jurisdictions where it remains a reporting issuer, including Ontario, Québec, Alberta, and British Columbia. The company would, however, continue to meet all U.S. disclosure standards under the Securities and Exchange Commission and Nasdaq regulations.
Solana’s Class A common stock was voluntarily delisted from the Toronto Stock Exchange in September 2021, though the company has continued to maintain its reporting issuer status in Canada since that time.
The move is part of Solana’s ongoing effort to streamline its regulatory obligations following its TSX exit. Ceasing to be a Canadian reporting issuer would reduce duplicative filings and compliance costs while keeping the company’s public reporting focused on U.S. securities laws.
Pending regulatory approval, Solana will no longer be required to submit financial statements or other disclosure documents to Canadian authorities, aligning its governance and reporting processes solely under U.S. oversight.
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