SkyAI clears out its SOL treasury, drawing scrutiny from major shareholders who demand an explanation of the decision-making process and adjustments to the buyback plan.

On October 21, SkyAI's principal shareholder Bastion Trading stated that it holds approximately 9.99% of the company's common stock in aggregate with its affiliates, and now demands that SkyAI's Executive Chairman and several directors publicly explain the decision-making process behind approving the liquidation of the entire SOL treasury and the cash tender offer. Bastion noted that SkyAI launched the tender offer on October 16 and subsequently disclosed that it had cleared its entire SOL treasury, whereas just a month earlier, the company had stated it would continue to adhere to the Solana DAT strategy and hold more than 2 million SOL.

Bastion also argued that SkyAI's current offer price of $3 per share or qualified warrant is too low, demanding an increase to at least $3.50, and raising the maximum purchase ratio for pre-funded warrants from 95% to 100%. It also demanded that Strategic Advisor Warrants be excluded from the offer, and called for disclosure of securities held and potential profits by directors, management, and affiliates.

Bastion stated that if the relevant directors fail to demonstrate that they have fulfilled their independent oversight and fiduciary duties, they should voluntarily resign; otherwise, a special shareholders' meeting should be convened to allow shareholders to determine the future composition of the board.