SOLAI Limited, a Solana treasury company formerly known as BIT Mining, has completed a 700-for-1 share consolidation that leaves it with 100 billion authorized Class A shares — nearly 1,823 times its prior post-split capacity. The reset follows a New York Stock Exchange suspension of the company's shares, and it leaves an estimated 99.996 billion shares still unissued with no stated use.
Shareholders approve the capital reset
Shareholders approved the consolidation at an Aug. 14 extraordinary general meeting, first voting to raise authorized Class A shares from 38.4 billion to 70 trillion, then immediately consolidating every 700 ordinary shares into one. That vote cut the authorization back down to 100 billion shares in post-consolidation units.
In comparable post-consolidation terms, the former 38.4 billion-share ceiling would have equaled about 54.86 million shares, making the new cap roughly 1,823 times larger. The company's Monday results release did not identify a financing, acquisition, compensation program, or other specific use for that added capacity.
NYSE suspension preceded the vote
The vote came nearly a month after NYSE suspended trading in SOLAI's American depositary shares on July 16, after their average market cap over 30 consecutive trading days fell below the exchange's $15 million minimum.
A subsequent exchange filing said SOLAI did not appeal within the 10-business-day window, and removal was scheduled to take effect Aug. 17. A Deutsche Bank depositary record still listed the sponsored ADR as active on the OTC Pink market under ticker SLAIY at the reporting cutoff.
Share count remains unclear
SOLAI reported 1.92 billion Class A shares issued and outstanding as of March 31, then disclosed another 1.16 billion shares issued June 2 as acquisition consideration. That produces a pre-consolidation total of about 3.09 billion shares, which a simple 700-for-1 conversion would reduce to roughly 4.41 million shares. On that limited basis, the apparent authorized but unissued capacity works out to about 99.996 billion shares — though SOLAI's holder-level rounding rule and any changes since June 2 mean the figure is not a current cap table.
A separate July action 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. SOLAI's disclosures have not explained how that ratio will operate after the later consolidation of the ordinary shares themselves.
Solana itself traded up 1.90% over the past 24 hours. It holds a $44.13 billion market cap, the No. 7 largest by that measure.
SOLAI has not disclosed an updated issued-share count, a stated use for the new authorization, or a new depositary instruction.
Source: CryptoSlate
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