Bastion Trading Tells SkyAI Chairman and Three Directors to Explain SOL Liquidation or Resign

Bastion Trading Limited, which says it and its affiliates own about 9.99% of SkyAI (Nasdaq: SKYA), on 21 October 2026 called on SkyAI Executive Chairman Paul K. Danner III and directors Soren Bo Christiansen, Timothy J. Ruemler and Jason L. Monroe to explain publicly how they oversaw the sale of the company's entire SOL treasury and approved its $3.00 cash tender offer. If they cannot, Bastion says in its 21 October press release, they should resign. If they believe they keep stockholders' confidence, Bastion calls on Danner to use his bylaw authority to convene a special stockholder meeting so holders can decide who sits on the board.

It is Bastion's second public letter in a week. The first, on 14 October, said Bastion would not tender and asked for disclosure of the SOL sales. SkyAI has since confirmed it sold all of its SOL and launched the offer on 16 October. KuCoin's news feed also carried the resign-or-meet demand on 21 October.

Bastion's questions for SkyAI's board about the SOL liquidation

Bastion's letter leans on the speed of the reversal. Citing SkyAI's proxy material, it says that on 14 September 2026, four days before the annual meeting, SkyAI told stockholders it "reaffirms its commitment to its Solana DAT strategy" and held more than two million SOL. A DAT, or digital asset treasury company, is a listed company holding a crypto asset as its main reserve, here the native token of Solana SOL$108.06+1.5%. A month later the SOL was gone.

Bastion asks each named director who authorised and supervised the sales, what independent oversight was applied, and whether any insider or related party earned fees or trading spreads from them. It also asks why the board backed the tender without a disclosed financial advisor, valuation or fairness opinion.

Alice Zhang, Sol Markets and the strategic advisor warrants

Bastion notes that the board which unanimously approved the tender includes director and Chief Investment Officer Alice Zhang. According to Bastion, her brother James Zhang controls Sol Markets, holder of the strategic advisor warrants, which could collect up to about $11.9 million in the tender by Bastion's calculation. Bastion adds that Sol Edge Limited, which it says James Zhang also controls, received a $10 million upfront payment under a 20-year consulting agreement.

The release demands holder-by-holder disclosure of the shares and warrants owned by Sol Markets, James Zhang, directors and officers, and what each could receive. SkyAI should also publish its remaining obligations to Sol Edge and a pro forma balance sheet after a fully subscribed tender, and extend the offer, Bastion says.

SkyAI's $3.00 tender offer and the 29 October deadline

Bastion repeats its 14 October terms: at least $3.50 a share against its own net asset value (NAV) estimate of about $3.30 at an assumed $110 SOL price, a 100% cap for pre-funded warrant holders instead of 95%, and exclusion of the strategic advisor warrants from the offer. SkyAI's 19 October release puts the $3.00 price at about 0.95 times NAV, based on roughly $223.8 million of cash as of 16 October, and says the offer expires one minute after 11:59 p.m. New York time on 29 October 2026.

SkyAI's latest SEC filing is a tender offer amendment filed on 20 October, and Solana Compass found no public response from SkyAI to the 21 October letter as of publication. What follows turns on whether SkyAI extends or changes the offer before 29 October, and whether Danner calls a meeting.