SkyAI’s Solana Holdings Fall to About 600,000 SOL

SkyAI’s Oct. 13 filing put its remaining Solana (SOL) holdings near 600,000 tokens, after disclosures in September and October described a treasury of more than 2 million SOL and then about 1 million SOL.

The figures leave a gap of roughly 400,000 SOL between SkyAI’s Oct. 11 disclosure of about 1 million tokens remaining and the Oct. 13 filing. SkyAI had reported more than 2 million SOL on Sept. 14 and said on Oct. 11 that it had sold about 1 million tokens.

Bastion Trading and its affiliates, which own roughly 9.99% of SkyAI, are seeking records of the sales, including dates, amounts, prices, fees and proceeds. Bastion also wants an independent review of how the transactions were approved. It said it would not tender shares at $3 unless the board addressed its concerns and urged other investors to wait.

SkyAI plans a tender offer of $3 for each eligible share or warrant, covering up to 95% of each class. Bastion wants the price raised to at least $3.50 and seeks limits on insider participation. SkyAI expects to begin the offer around Oct. 15, subject to conditions that include SOL remaining above $100.

At SkyAI’s September shareholder meeting, each of the company’s five directors received more votes to withhold support than votes in favor. The directors remained in office under the company’s election rules. Bastion has called for independent directors and a committee to review the buyback.

SkyAI plans to fund the offer with cash on hand and proceeds from SOL sales. The company’s buyback plan followed its sale of about half its SOL treasury.