SkyAI has sold its entire treasury, which it said in September held more than 2 million Solana, and is turning to a share and warrant buyback, while Bastion Trading, which owns roughly 10% of the company, has called for an independent review of the sales.
According to a company statement reported by The Block, SkyAI, formerly known as Sharps Technology, has completed all of its SOL sales and no longer holds any Solana. The company reported that it had approximately $223.8 million in cash as of October 16.
From the fifth-largest publicly traded Solana treasury to zero
On September 14, SkyAI reiterated its commitment to its Solana treasury strategy and said it held more than 2 million SOL. At the time, it ranked fifth among publicly traded Solana treasury companies.
A buyback announcement on October 11 revealed that approximately 1 million SOL had been sold. A subsequent filing with the SEC put the remaining reserves at approximately 600,000 SOL. The latest statement shows that this balance has also been sold and the Solana treasury has been completely emptied.
Major shareholder objects to $201 million buyback
The company is offering $3 per share or warrant and aims to buy back up to 95% of the outstanding shares. If the approximately $201 million program is fully subscribed, about $22.5 million is expected to remain in the company’s coffers before expenses. Since SkyAI no longer holds SOL, it has also removed the offer’s condition that the price of Solana remain above $100.
Bastion Trading, which owns approximately 10% of the company, has called for an independent review of the rapid reserve sales and announced that it will not participate in the buyback under the current terms. The shareholder is seeking an increase in the offer to $3.50 per share, restrictions on insiders, and the exclusion from the buyback of warrants granted to strategic advisers.
Solana treasury is gone, platform plans continue
SkyAI still describes its business as developing a financial platform that combines stablecoin infrastructure with artificial intelligence on Solana. It plans to remain listed on Nasdaq after the buybacks.
At the time the news was reported, SKYA shares were trading at $2.77, up 4.5% on the day; they were up 35% year to date.
Not investment advice.