How much SOL did SkyAI sell?

SkyAI confirmed it sold all its SOL holdings. It had disclosed more than 2 million SOL on September 14.

How much cash did SkyAI have after selling its SOL?

SkyAI had approximately $223.8 million in cash as of October 16.

What changes is Bastion seeking to the tender offer?

Bastion wants an offer price of at least $3.50, 100% tender eligibility for pre-funded warrants rather than 95%, and the exclusion of insider-related strategic advisor warrants.

What is Bastion asking SkyAI's directors to do?

Bastion wants the executive chairman and relevant directors to explain their oversight and approval of the sales and tender offer. It says they should resign if they cannot show meaningful accountability, or call a special shareholder meeting.

🩸BEARISH 1h ago

WuBlockchain

SkyAI Sells 2M SOL, Sparking Shareholder Revolt

The sale reversed a treasury strategy SkyAI reaffirmed days before its annual meeting, while a 9.99% shareholder is demanding answers and better tender-offer terms.

Zipp Editorial Aggregated from WuBlockchain

SkyAI Sells 2M SOL, Sparking Shareholder Revolt

SkyAI confirmed on October 19 that it had sold all its SOL holdings, leaving approximately $223.8 million in cash as of October 16. The company had disclosed more than 2 million SOL on September 14, four days before its annual shareholder meeting, while reaffirming its Solana treasury strategy.

Why it matters

Bastion Trading and its affiliates hold approximately 9.99% of SkyAI. On October 21, Bastion criticized the liquidation, saying shareholders had not been given prior notice or input, and called on the executive chairman and relevant directors to explain their oversight and approval of the sales and tender offer.

Bastion said directors should resign if they cannot demonstrate meaningful accountability, or call a special shareholder meeting. The dispute puts governance and investor treatment at the center of the company's treasury decision.

Market impact

SkyAI said the SOL sales were intended to fund a cash tender offer of $3 per share or eligible warrant. Bastion is seeking a higher offer price of at least $3.50, the ability to tender 100% of pre-funded warrants rather than 95%, and the exclusion of insider-related strategic advisor warrants.

The immediate issue for shareholders is whether SkyAI changes the offer or addresses Bastion's demands. The sale also marks a sharp change from the Solana treasury strategy the company had recently reaffirmed.

$SOL #Solana #TreasuryStrategy #ShareholderActivism

Frequently asked questions

How much SOL did SkyAI sell?

SkyAI confirmed it sold all its SOL holdings. It had disclosed more than 2 million SOL on September 14.
How much cash did SkyAI have after selling its SOL?

SkyAI had approximately $223.8 million in cash as of October 16.
Why did SkyAI say it sold its SOL?

SkyAI said the sales were intended to fund a cash tender offer of $3 per share or eligible warrant.
What changes is Bastion seeking to the tender offer?

Bastion wants an offer price of at least $3.50, 100% tender eligibility for pre-funded warrants rather than 95%, and the exclusion of insider-related strategic advisor warrants.
What is Bastion asking SkyAI's directors to do?

Bastion wants the executive chairman and relevant directors to explain their oversight and approval of the sales and tender offer. It says they should resign if they cannot show meaningful accountability, or call a special shareholder meeting.

Source attribution

Aggregated from WuBlockchain · Verified · Last refreshed 1h ago

Open original →

Solana Activates Alpenglow, Cuts Finality to 150 Milliseconds

Grayscale Opens In-Kind Investing Across 10 Crypto Assets

Grayscale Opens In-Kind Access to 10 Crypto Funds