Holdings reduced by about 70%, SkyAI sells 1 million SOL and incurs losses exceeding $160 million, major shareholder Bastion Trading demands full disclosure

Odaily News: Nasdaq-listed company SkyAI, which centers on a Solana digital asset treasury, previously held more than 2 million SOL. Since October, the company has transferred out approximately 1.57 million SOL, worth about $175 million; SkyAI has disclosed the recent sale of 1 million SOL, amounting to about $107 million, and stated it may continue selling. On-chain data shows its average purchase price was about $194, and based on recent prices, losses exceed $160 million. A Form 8-K filed on October 13 showed that the company's SOL holdings had dropped to about 600,000, a decline of about 70% from the more than 2 million disclosed in mid-September. The timing of the sales, average transaction prices, and approval process had not previously been fully disclosed to shareholders. Bastion Trading, a major shareholder holding about 9.99% of outstanding common stock, said today that it has serious concerns about the cash tender offer announced by SkyAI on October 11, will not participate until those concerns are properly addressed, and demands the immediate full disclosure of details regarding the SOL disposal, the launch of an independent review, a reshuffle of the board of directors, and an increase in the tender offer price from $3.00 per share to at least $3.50 per share. Bastion Trading also pointed out that at the 2026 annual shareholders meeting, all five incumbent directors received far more abstentions than votes in favor, with some ratios approaching three to one, and questioned why the incumbent board, after losing shareholder trust, is still leading the sale of core reserves and advancing the tender offer.