SkyAI major shareholder Bastion Trading disputes the company's $201M buyback terms and calls for board accountability over alleged conflicts of interest.
Regulation & Gov ·
Bastion Trading, a major shareholder in SkyAI, has criticized the company's decision to move forward with a $201 million cash tender offer, contending that previously raised demands for improved terms and transparency were not adequately addressed. The shareholder is now calling on the board chair and directors to demonstrate their accountability regarding the underlying transactions, suggesting that voluntary resignations or a shareholder vote may be necessary if they cannot do so.
Bastion has outlined specific objections to the buyback structure. The shareholder is pushing for the tender price to be raised from $3.00 to at least $3.50, wants holders to be able to tender 100 percent of pre-funded warrants rather than the current 95 percent limit, and seeks to exclude warrants tied to related parties from the offer. SkyAI has stated that the buyback is intended to improve capital allocation and give shareholders liquidity, though it has not issued a separate response to the concerns about board oversight or potential conflicts of interest that have been raised.