#bastionpressesskyaioversolsales
Bastion Trading Pressures SkyAI Over Solana (SOL) Sales
Bastion Trading, which owns approximately 10% of SkyAI, has launched a strong campaign against the company’s management over the rapid decline in Solana (SOL) holdings in its treasury and its announced $201 million share buyback offer.
📌 Key Details
70% Decline in SOL Treasury: On September 14, SkyAI reported holding more than 2 million SOL. However, October disclosures and an 8-K filing revealed that the company’s SOL holdings had fallen to around 600,000—a 70% decrease in less than a month.
Undisclosed Sales: Bastion Trading emphasizes that shareholders have not been transparently informed of when these SOL sales took place, at what prices, or how they were approved.
Objection to Buyback Price: SkyAI plans to use the proceeds from the SOL sales to buy back shares at $3.00 per share. Taking the company’s net asset value into account, Bastion is calling for the buyback price to be raised to at least $3.50 and for advisor warrants to be excluded.
Board and Corporate Governance: Bastion announced that it will not tender its shares into the buyback offer until disclosures are made and changes are made to the board of directors.$SOL
Bastion Trading Pressures SkyAI Over Solana (SOL) Sales
Bastion Trading, which owns approximately 10% of SkyAI, has launched a strong campaign against the company’s management over the rapid decline in Solana (SOL) holdings in its treasury and its announced $201 million share buyback offer.
📌 Key Details
70% Decline in SOL Treasury: On September 14, SkyAI reported holding more than 2 million SOL. However, October disclosures and an 8-K filing revealed that the company’s SOL holdings had fallen to around 600,000—a 70% decrease in less than a month.
Undisclosed Sales: Bastion Trading emphasizes that shareholders have not been transparently informed of when these SOL sales took place, at what prices, or how they were approved.
Objection to Buyback Price: SkyAI plans to use the proceeds from the SOL sales to buy back shares at $3.00 per share. Taking the company’s net asset value into account, Bastion is calling for the buyback price to be raised to at least $3.50 and for advisor warrants to be excluded.
Board and Corporate Governance: Bastion announced that it will not tender its shares into the buyback offer until disclosures are made and changes are made to the board of directors.$SOL