VisionSys AI has announced a direct offering that is expected to raise around $12 million in proceeds. As a result, shares have crashed over 77% on Wednesday and are now trading at $0.29 per share, the lowest price seen since January. The company had previously planned to create a Solana treasury valued up to $2 billion but has not made any purchases yet. This move comes after its chairman resigned due to personal reasons.
Source: https://decrypt.co/348325/would-be-2-billion-solana-treasury-company-stock-crashes-offering