In September, the company said it held more than 2 million $SOL. Less than a month later, it had only about 600,000 left. SkyAI (Nasdaq: SKYA), a Solana DAT, gave figures in its buyback announcement that don't match its 8-K, prompting Bastion Trading, which holds about 9.99% of its shares, to call for the buyback to be halted.
The hard facts: On September 14, the company reaffirmed its DAT strategy and said it held more than 2 million $SOL. On October 11, its buyback announcement said it had sold about 1 million and had about 1 million left. But an October 13 8-K put the figure at about 600,000—a roughly 70% drop in a month, with about 400,000 coins unaccounted for in between. The plan is to use the proceeds from selling the coins to repurchase up to 95% of its shares/warrants, with up to about $200 million in cash, at $3 per unit.
Bastion says: “I’m not participating unless you disclose the sale dates, quantities, average prices, net proceeds, and approval process; overhaul the board; raise the price to at least $3.50; and remove advisor warrants tied to the CIO’s relatives. At the September shareholder meeting, all five directors received more WITHHOLD votes than votes in favor, but there was no option to vote AGAINST, so they kept their seats.”
The DAT narrative has turned into selling coins to fund buybacks—we know the drill: open the books first. Not investment advice.