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SOLAI shareholders approve 700-for-1 share consolidation to boost capacity
The vote reduces authorized Class A shares to 100 billion after a 700-for-1 consolidation, with no specific financing or acquisition use disclosed.
Solana treasury firm SOLAI Limited, formerly BIT Mining, said shareholders approved a capital reset that includes a 700-for-1 ordinary share consolidation, leaving it with 100 billion authorized Class A ordinary shares after the change.
According to SOLAI, the approval came at an Aug. 14 extraordinary general meeting, where investors first increased authorized Class A shares from 38.4 billion to 70 trillion and then approved the immediate consolidation of every 700 ordinary shares into one, cutting the authorization to the 100 billion post-consolidation ceiling.
The company said in its Monday results release that it did not identify any financing, acquisition, compensation program, or other specific use for the expanded authorized capacity.
The change follows a New York Stock Exchange move: the NYSE suspended trading in SOLAI’s American depositary shares after their average global market capitalization fell below the exchange’s $15 million minimum for 30 straight trading days, and removal was scheduled to take effect Aug. 17 after an exchange Form 25 attachment said SOLAI did not appeal within the required window.
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