While it's true that there is no direct link between share price and solvency, share price is the market's valuation of the company. This is very much impacted

While it's true that there is no direct link between share price and solvency, share price is the market's valuation of the company. This is very much impacted by the (future) profitability and the solvency of the company. If the market thinks the company won't be able to make a lot of profit, or the market thinks the company is approaching insolvency, the share price will tank. In other words, falling share price is not a cause of insolvency, it can be an indicator for it. The share price quite literally is the market value of the company.