Solana treasury firm cuts shares 700-for-1 but leaves room for nearly 100 billion more

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.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.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....