Core Insights - VisionSys AI (VSA) shares have experienced a significant decline of over 77% due to a registered direct offering of shares [1] - The firm expects to raise approximately $12 million from the share sale, with no specified use for the proceeds [2] - VSA's share price has dropped to $0.24, marking an 88% decline over five days and the lowest price since January [2] Company Developments - In October, VisionSys shares fell around 40% following the announcement of plans to create a Solana treasury valued at up to $2 billion, initially targeting $500 million in SOL within six months [3] - There is uncertainty regarding the pursuit of the Solana treasury goal, as no SOL purchases have been reported [3] - The treasury was intended to be funded through a diversified model combining structured financing and equity, alongside a partnership with Marinade Finance [4] Market Position - If successful, VisionSys would become the largest publicly traded holder of Solana, surpassing Forward Industries, which manages over 6.8 million SOL valued at more than $1 billion [5] - The company's recent SEC filing indicates the resignation of Shaoyun Han, the Chairman of the board, for personal reasons [5] Industry Context - Solana has seen a decline of over 6% in the last 24 hours, currently trading at $153, and is nearly 48% off its all-time high of $293.31 [6] - Predictions suggest a low probability (10%) for Solana to reach a new all-time high before the end of the year [6]
Would-Be $2 Billion Solana Treasury Company's Stock Crashes After Share Offering