Summary
- VisionSys AI has announced a new direct offering expected to yield approximately $12 million.
- Following this announcement, VSA shares fell over 77% on Wednesday, trading at $0.29.
- The company intends to form a Solana treasury worth up to $2 billion by October, yet no acquisitions have been confirmed.
Shares of VisionSys AI (VSA), a publicly traded brain-machine interface and AI company, plummeted over 77% on Wednesday following news of a registered direct offering.
The company aims to generate about $12 million from the offering, although details on the use of proceeds remain absent. Recently priced at $0.29 per share, VSA had already dropped on Tuesday, resulting in an 88% decline over five days. The low of approximately $0.24 on Wednesday marks the lowest value for VSA since January, according to Yahoo Finance.
In October, VisionSys saw its shares decrease by around 40% after revealing plans to establish a Solana treasury valued at up to $2 billion, with an initial focus on acquiring $500 million worth of SOL to stake within the first six months.
It remains uncertain whether VisionSys AI is still pursuing this objective, as no SOL purchases have been reported to date. A company representative has not yet responded to Decrypt’s inquiries.
According to a company spokesperson, the Solana treasury was intended to be financed through a “diversified model that combines structured financing with equity,” as stated in October.
To develop its digital asset treasury, VisionSys also announced a collaboration with Marinade Finance, a Solana DeFi protocol that manages a staking delegation platform with over $2 billion in assets under management.
A representative from Marinade Finance has not yet commented on the status of their partnership with VisionSys, according to Decrypt.
Should VisionSys succeed in establishing a $2 billion Solana treasury, it would become the largest publicly traded holder of Solana, surpassing Forward Industries, which currently manages over 6.8 million SOL worth more than $1 billion.
The latest SEC filing from the firm reveals that Shaoyun Han, the Chairman of the Board, has resigned for personal reasons.
Solana has dropped over 6% in the past 24 hours and is currently priced at $153, marking nearly a 48% decline from its January all-time high of $293.31.
Forecasts from Myriad, a product of Decrypt’s parent company, Dastan, estimate that the asset has only a 10% chance of reaching a new all-time high before year-end.
