SOLAI Announces Receipt of Revised Preliminary Non-Binding Going-Private Proposal

Rhea-AI Summary

SOLAI (NYSE: SLAI) said it received a revised preliminary non-binding proposal from Chaince Digital Holdings to acquire all Class A and Class B ordinary shares, including ADS (100 Class A shares each), at US$0.03162 per ordinary share (US$3.162 per ADS) in cash.

The Proposal ties price to 170% of NAV with a cap of US$3.20 per ADS. The board has just received the Proposal and has made no decision; no assurance a definitive agreement will be reached or the transaction will close.

Positive

• Proposal price set at US$0.03162 per ordinary share (US$3.162 per ADS)
• Price adjustment linked to 170% of NAV per ordinary share
• Final ADS price capped at US$3.20

Negative

• Proposal is preliminary and non-binding; no board decision yet
• No assurance a definitive agreement will be executed or transaction closed
• Company may provide no updates until legally required

Argus Apr 23 session

-13.26% close to close Open Argus

Details

News Market Reaction – SLAI

In the Apr 23 session, SLAI declined 13.26%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock dropped -13.3% in the session following this news. A negative reaction despite a higher pr...

Analysis

The stock dropped -13.3% in the session following this news. A negative reaction despite a higher proposed cash consideration would fit SOLAI’s history of divergence, where several seemingly positive or neutral updates were followed by declines. The proposal remains preliminary and non-binding, with a capped price of US$3.20 per ADS, which may temper enthusiasm. Previous events, including strategic AI announcements and product launches, also saw selling pressure, suggesting ongoing skepticism about deal certainty and long-term fundamentals.

Key Figures

Proposed price per Ordinary Share: US$0.03162 Proposed price per ADS: US$3.162 ADS share ratio: 100 Class A shares per ADS +3 more

Proposed price per Ordinary Share

US$0.03162

Revised non-binding going-private proposal

Proposed price per ADS

US$3.162

Revised non-binding going-private proposal

ADS share ratio

100 Class A shares per ADS

Structure of SOLAI ADS

NAV multiple (revised)

170% of NAV

Proposed purchase price as % of NAV per Ordinary Share

NAV multiple (prior)

110% of NAV

Previous proposal multiple before revision

Price cap per ADS

US$3.20

Maximum final purchase price under proposal mechanism

Historical Context

5 past events · Latest: Apr 21

5 events

1. Apr 21

   Product launch

   24h Move

   -1.5%

   Launch of Solode Neo personal AI device with local autonomous agent support.

2. Apr 20

   Annual report filing

   24h Move

   -7.6%

   Filing of 2025 Form 20-F with audited results and risk disclosures.

3. Mar 12

   Going-private proposal

   24h Move

   +6.5%

   Initial non-binding going-private offer from Chaince at US$3.069 per ADS.

4. Mar 09

   Strategy update

   24h Move

   -1.6%

   Announcement of expansion into personal AI infrastructure with multi-layer roadmap.

5. Feb 27

   Listing notice & board

   24h Move

   +2.5%

   NYSE continued listing notice for sub-US$1 price and board composition changes.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

going-private transaction, american depositary shares, ADS, net asset value (NAV)

4 terms

going-private transaction financial

"for a proposed purchase price ... in cash in a going-private transaction"

A going-private transaction is when a company’s publicly traded shares are bought out so the company is no longer listed on a stock exchange, usually by private investors or existing management. For investors it matters because public shareholders typically receive cash or other compensation and lose future public trading liquidity; the deal often includes a premium over the market price and signals a major strategic shift in how the business will be run.

american depositary shares financial

"including Ordinary Shares represented by American depositary shares (the "ADS""

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

ADS financial

"the "ADS", each representing 100 Class A ordinary shares), for a proposed"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

net asset value (NAV) financial

"adjusted from 110% to 170% of the Company's net asset value (NAV) per"

Net asset value (NAV) is the per-share value of an investment fund calculated by totaling the fund’s assets, subtracting its liabilities, and dividing the remainder by the number of outstanding shares. Think of it like a price tag on each share of a collective piggy bank: investors use NAV to see what each share is worth, to compare funds, and, for many funds, it’s the price at which shares are bought or redeemed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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AKRON, Ohio, April 23, 2026 /PRNewswire/ -- SOLAI Limited (NYSE: SLAI) (previously traded under "BTCM") ("SOLAI" or the "Company"), a technology-driven personal AI and digital infrastructure provider, today announced that the Company has received a revised preliminary non-binding proposal letter (the "Proposal") from Chaince Digital Holdings Inc., to acquire all of the issued and outstanding Class A ordinary shares and Class B ordinary shares of the Company ("Ordinary Shares"), including Ordinary Shares represented by American depositary shares (the "ADS", each representing 100 Class A ordinary shares), for a proposed purchase price of US$0.03162 per Ordinary Share, or US$3.162 per ADS, in cash in a going-private transaction (the "Proposed Transaction"), subject to certain conditions.

The proposed purchase price has been adjusted from 110% to 170% of the Company's net asset value (NAV) per Ordinary Share as of the most recent quarter-end date immediately preceding the closing of the Proposed Transaction. Under the Proposal's price adjustment mechanism,  the final purchase price is subject to a price cap and will in no event exceed US$3.20 per ADS.

The Company cautions its shareholders and others considering trading in its securities that the Board has just received the Proposal and has not made any decisions with respect to the Company's response to the Proposal. Management will give the Proposal serious and careful consideration in the interest of the Company and its shareholders. There can be no assurance that any definitive offer will be made, that any agreement will be executed, or that the Proposed Transaction or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

About SOLAI Limited
SOLAI Limited (previously known as "BIT Mining Limited") (NYSE: SLAI) (previously traded under "BTCM") is a technology-driven personal AI and digital infrastructure provider. Building upon its historical legacy in digital asset mining and blockchain network operations, the Company is leveraging extensive experience in large-scale hardware deployment, data center operations, and high-performance computing to build the foundational infrastructure for personal AI computing and digital asset ecosystems globally.

Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Important factors that could cause SOLAI's actual results to differ materially from those indicated in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For further information:
SOLAI Limited
ir@solai.com
ir.solai.com
www.solai.com 

Christensen Advisory
Jason Ng
Tel: +852-2117-0861
Email: solai@christensencomms.com

View original content:https://www.prnewswire.com/news-releases/solai-announces-receipt-of-revised-preliminary-non-binding-going-private-proposal-302751830.html

SOURCE SOLAI Limited

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What price did Chaince Digital propose to pay for SOLAI (SLAI) shares on April 23, 2026?

Direct answer: Chaince proposed US$0.03162 per ordinary share, equal to US$3.162 per ADS in cash. According to the company, the Proposal ties the purchase price to 170% of NAV with a US$3.20 per ADS cap and remains non-binding.

Does the SOLAI (SLAI) Proposal guarantee a going-private transaction will close?

Direct answer: No, the Proposal is preliminary and non-binding and does not guarantee closing. According to the company, the board has received the Proposal but has not made decisions; no definitive agreement or approval is assured at this time.

How does the NAV-based price adjustment work in the SOLAI (SLAI) proposal?

Direct answer: The proposed price is adjusted to 170% of the company's NAV per ordinary share as of the quarter-end before closing. According to the company, that adjustment mechanism determines the final cash price up to the US$3.20 per ADS cap.

What is the maximum cash per ADS Chaince will pay if the SOLAI (SLAI) deal completes?

Direct answer: The Proposal sets a strict cap of US$3.20 per ADS as the maximum cash payment. According to the company, the initial per-ADS proposal is US$3.162 but cannot exceed the specified US$3.20 cap under the price adjustment rules.

What should SOLAI (SLAI) shareholders expect next after receiving the Proposal on April 23, 2026?

Direct answer: Shareholders should expect the board and management to review the Proposal without any immediate decision. According to the company, management will consider the Proposal seriously but may not provide further updates unless legally required or if a definitive offer is made.