SOLAI Restructures Its Capital After Being Delisted from NYSE
Prefer us on GoogleSOLAI Limited, focused on Solana (SOL), announced a restructuring of its capital after being expelled from the NYSE. The company approved a reverse split at a ratio of 700 to 1 to restore its valuation, following an average market capitalization that fell below the minimum of $15 million for 30 days. In an extraordinary meeting, shareholders raised the share capital from $1.94 million to over $3.5 billion and approved the reverse split, consolidating every 700 shares with a nominal value of $0.00005 into a single share of $0.035. This leaves the company with an authorized ceiling of 100 billion Class A ordinary shares. The company did not communicate a specific destination for the extra capacity. Additionally, SOLAI is diversifying its focus towards artificial intelligence, although it still holds 44,412 SOL in its funds, making it the fourteenth largest corporate treasury of Solana. Formerly known as BIT Mining Limited, the firm aims to build vertically integrated AI infrastructure.
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