Bastion challenges SkyAI over Solana sales and tender offer

• Bastion Trading is challenging SkyAI’s proposed US$3-per-share tender offer and demanding disclosure of its Solana sales.
• Bastion wants the offer price raised to at least US$3.50 per share and independent board oversight.
• The dispute centres on SkyAI’s reported reduction in Solana holdings and concerns about shareholder accountability.

SkyAI, Inc. (NASDAQ) has proposed a cash tender offer to buy up to 95% of its outstanding shares and specified warrants for US$3 each.

The company’s Solana (SOL) holdings fell from more than two million tokens in September to approximately 600,000 by 13 October.

“Unless and until the concerns raised herein are satisfactorily addressed, Bastion Trading does not intend to participate in the proposed tender offer and encourages other stockholders to not participate as well pending full disclosure, independent oversight, and materially improved terms,” Bastion Trading Limited said in a statement.

Bastion, which owns approximately 9.99% of SkyAI, demands disclosure of sale dates, quantities, prices, proceeds and transaction approvals.

The investor wants the tender price increased from US$3 to at least US$3.50 per share or eligible warrant.

Bastion also seeks new independent directors and an independent committee to oversee pricing, funding, conditions and potential conflicts.

At SkyAI’s annual meeting, all five incumbent director nominees received more withheld votes than votes in favour.

Following the announcement, SkyAI shares were down 2.30% at US$2.5500.