SkyAI faces scrutiny over Solana liquidation and $201M buyback

SkyAI (Nasdaq: SKYA) has launched a $201 million buyback program at $3 per token following the liquidation of its entire Solana (SOL) treasury. This shift in financial strategy has drawn intense scrutiny from Bastion Trading.

Bastion Trading has demanded that Executive Chairman Paul K. Danner III and directors Soren Bo Christiansen, Timothy J. Ruemler, and Jason L. Monroe explain the sale of the company’s SOL holdings. The fund also raised concerns regarding the buyback structure, noting that up to $11.9 million could be paid to an entity controlled by the brother of Chief Investment Officer Yuwen (Alice) Zhang through strategic advisor warrants.

Bastion has called for the directors to resign if they cannot demonstrate independent oversight, or for Danner to convene a special meeting to allow stockholders to decide the board’s composition. This follows a September annual meeting where all five directors received significant withheld votes, ranging between 66.6% and 75.0%.