Bastion Sounds Alarm Over SkyAI’s $201M Buyback and Potential $11.9M Insider-Linked Payout

TL;DR: SkyAI launched a $201 million tender offer after liquidating its entire Solana treasury, accumulating $223.8 million in cash as of October 16, 2026. Bastion Trading reported that 3,955,293 strategic advisory warrants could channel up to $11.9 million to entities tied to the brother of director Yuwen Zhang. The repurchase offer establishes a unit price of $3.00 per share and warrant, with the deadline set for October 29, 2026. This Wednesday, October 21, Bastion Trading demanded formal explanations from the board of directors of SkyAI following the controversial $201 million SkyAI share repurchase, funded through the total sale of its corporate reserves. The investment firm directly challenged executive chairman Paul K. Danner III and directors Soren Bo Christiansen, Timothy J. Ruemler, and Jason L. Monroe.

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