Overview
- Solmate’s shares have fallen more than 98% after the company completed a $300 million private investment in public equity and rebranded from Brera Holdings to focus on a Solana treasury, a collapse reported Friday that erased almost all public equity value.
- The financing included ARK Invest, RockawayX, Pulsar Group and the Solana Foundation, and it featured a roughly $50 million discounted purchase of SOL from the Solana Foundation to seed a token-heavy corporate treasury.
- RBCH Ltd., an entity linked to RockawayX founder Viktor Fischer, sued Solmate’s officers and directors in New York alleging breach of fiduciary duty and self-dealing and claiming CEO Ron Sade and director Keren Maimon bought about 2.3 million new shares at $4.97 each.
- RBCH is asking the court to block those disputed shares from being voted at Solmate’s June 26 annual general meeting in Abu Dhabi and is urging shareholders to withhold support for certain directors, while Solmate has called the complaints false and retaliatory.
- The company now depends mainly on holding and staking roughly 2 million SOL with no announced products or tokens, leaving its fate tied to SOL’s price and staking yields and raising risks to investor value, governance control and future fundraising.