Bastion Opposes SkyAI Tender After 70% of Solana Treasury Sold

Bastion Trading, which owns about 9.99% of SkyAI, is opposing the company’s planned $3-per-share tender offer and questioning the sale of roughly 70% of its solana treasury. The investor wants more disclosure, board changes, and a higher tender price of at least $3.50 before it will participate. SkyAI’s plan to use cash and solana sales to fund a sweeping shareholder tender offer is already facing resistance from one of its largest investors. Bastion Trading said in a statement that it will not participate in the proposed offer unless SkyAI addresses concerns over governance, disclosure, and pricing. The investor, together with affiliates, beneficially owns about 9.99% of SkyAI’s common stock.

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