Bastion Trading, a 9.99% SkyAI shareholder, challenges the Solana treasury company's $3.00 tender offer and demands disclosure of a 70% SOL liquidation, board reconstitution, and price increase to $3.50 per share.
Regulation & Gov ·
Bastion Trading, holding a 9.99% stake in Solana treasury company SkyAI, is demanding the firm raise its tender offer price to at least $3.50 per share from the current $3.00, citing an estimated net asset value near $3.30 per share. The shareholder group has also sought full accounting of SkyAI's recent disposal of approximately 70% of its SOL holdings—leaving roughly 600,000 SOL remaining—and has called for board replacement with independent directors to oversee the transaction and address governance conflicts. Bastion additionally wants exclusion of certain warrant holders tied to company leadership and removal of minimum participation thresholds, stating it will not accept the offer under present conditions.