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Solana treasury company SOLAI Limited (formerly BIT Mining) said shareholders approved a capital reset that leaves it with 100 billion authorized Class A ordinary shares after a 700-for-1 consolidation. The vote came nearly a month after the New York Stock Exchange suspended trading in its American depositary shares.
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SOLAI Limited said Monday that investors at an Aug. 14 extraordinary general meeting first approved increasing authorized Class A shares from 38.4 billion to 70 trillion, representing the authorized capacity for the pre-consolidation shares.
They then approved an immediate consolidation of every 700 ordinary shares into one, reducing the authorization to 100 billion shares in post-consolidation units.
In comparable post-consolidation units, the former 38.4 billion-share authorization would have equaled about 54.86 million shares, making the new ceiling roughly 1,823 times larger. Monday’s results release did not identify a financing, acquisition, compensation program, or other specific use for that capacity.
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NYSE suspended SOLAI’s ADSs on July 16 after their average global market capitalization over 30 consecutive trading days fell below the exchange’s $15 million minimum. An exchange Form 25 attachment later said the Solana treasury firm did not appeal within the 10-business-day window and that removal was scheduled to take effect Aug. 17.
Deutsche Bank’s depositary record listed the sponsored ADR as active on the OTC Pink market under SLAIY at the reporting cutoff.
The former Bitcoin mining firm reported 1.92 billion Class A shares issued and outstanding as of March 31, then disclosed another 1.16 billion shares issued on June 2 as acquisition consideration.
That produces a pre-consolidation total of about 3.09 billion shares before any later changes, and a simple 700-for-1 conversion of that total yields about 4.41 million shares.
SOLAI’s holder-level rounding rule and any issuance, cancellation, or adjustment after June 2 mean the calculation is not a current cap table. On that limited basis, the apparent authorized but unissued capacity would be about 99.996 billion shares.
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The ordinary-share consolidation also follows a separate July action that changed SOLAI’s ADS ratio from 100 to 700 ordinary shares per ADS through a one-for-seven ADS reverse split, without issuing or canceling underlying shares.
The Aug. 17 company release and Deutsche Bank record, read alongside the July depositary filing that preceded the shareholder vote, did not explain how that ratio would operate after the later consolidation of the ordinary shares themselves.
An updated issued-share count, a stated use for the authorization, and any new depositary instruction are now the key disclosures for OTC holders.
Source: cryptoslate.com