ARK Invest-backed Solmate's stock price has plummeted over 98% since transforming into a Solana treasury company

CoinFeed June 26 news, according to Cryptobriefing, Nasdaq-listed company Solmate (formerly Brera Holdings) has seen its stock price plummet over 98% since completing a $300 million financing and transforming into a Solana treasury company. The company has received investments from ARK Invest, Pulsar Group, RockawayX, and the Solana Foundation, and currently holds about 2 million SOL. However, SOL has fallen about 50% over the past year, making the company's financial condition highly dependent on SOL price and liquidity. Earlier on June 23, it was reported that Solmate's largest shareholder sued the board, accusing it of information disclosure violations and self-dealing.