SOLAI Limited Share Consolidation Cuts Outstanding Shares by 99.996%

Solana treasury firm SOLAI Limited has undergone significant changes to its share structure after shareholders approved a capital reset. The move reduces the number of authorized Class A ordinary shares from 70 trillion to 100 billion, following a 700-for-1 consolidation.

The vote was held on August 14 and came nearly a month after the New York Stock Exchange suspended trading in SOLAI's American depositary shares due to low market capitalization. The exchange had set a minimum of $15 million for the average global market value over 30 consecutive trading days, which SOLAI failed to meet.

The consolidation reduces the number of outstanding shares from approximately 3.09 billion to 4.41 million. However, it's essential to note that this is not a current cap table, as SOLAI's holder-level rounding rule and any subsequent issuances or adjustments may affect the actual authorized but unissued capacity.

The move follows a separate July action that changed SOLAI's ADS ratio from 100 to 700 ordinary shares per ADS through a one-for-seven reverse split. However, it remains unclear how this ratio will operate after the consolidation of ordinary shares themselves.