Solana reserve holder 'Solana Company' stock plunges 57% over the past three trading days
Summary
- Reported that Solana Company's stock plunged 57% over the past three trading days.
- Said that allowing early sales of PIPE stakes led to short-term selling entering and increasing downward pressure.
- The company said it plans to strengthen a long-term investor-focused base.
The stock of Solana Company (formerly Helius Medical Technologies), which designated Solana (SOL) as a reserve asset, has been falling sharply since last week.
On the 20th (local time), according to Nasdaq, Solana Company closed at 6.87 dollars, down 11.47% from the previous day. This is about a 57% decline compared with the closing price on the 15th (15.92 dollars).
This followed the decision to allow early sales of stakes by PIPE participants. Solana Company allowed the PIPE shares issued in September at 6.881 dollars per share to be sold earlier than originally scheduled. This is interpreted as creating downward pressure amid concerns that short-term selling could pour in.
Solana Company said, "We will filter out investors who are weak against short-term selling pressure, but we will solidify a base centered on long-term investors."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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