SkyAI (Nasdaq: SKYA) began paying out its own cash on October 16, opening a tender offer that would return up to $201.3 million to stockholders at $3.00 a share — a price the company says equals roughly 0.95 times its net asset value. Two days after the offer documents landed, its largest outside stockholder, Bastion Trading, put the entire process under a governance challenge, demanding that the board explain how a company that told shareholders it “reaffirms its commitment to its Solana DAT strategy” in September had sold its entire SOL treasury within a month and was now returning the cash at a discount to the company’s own stated value.