Major shareholder Bastion challenges SkyAI's $201M tender offer and demands transparency on SOL sales following 70% treasury decline.
VC & Fundraising ·
Bastion Trading, identified as holding a 9.99% stake in SkyAI, has challenged the company's proposed tender offer and raised questions about recent Solana sales. The shareholder is pressing for details on SOL liquidations following a 70% decline in the treasury over a single month, while also seeking an increase to the $3.50 per share buyback price from the currently proposed $3.00 level.
The dispute centers on both the pricing and governance of SkyAI's $201 million tender offer. Bastion is demanding disclosure of the SOL sales mechanics, restrictions on insider participation, and reconstitution of the board before the offer proceeds. The shareholder views the current terms as undervaluing the company relative to recent treasury movements.
What remains unresolved is whether SkyAI will accede to these demands, the timing of any revised offer, and the full accounting of how and why the Solana holdings were reduced so sharply in the stated period. The dispute is still in its early stages of public disclosure.