Bastion Challenges SkyAI’s $3 Tender Offer and Seeks SOL Sale Records

Bastion Trading Limited, which owns about 9.99% of SkyAI, is challenging the company’s $3-a-share cash tender offer and seeking records about a steep decline in its Solana holdings.

SkyAI’s position fell from more than 2 million SOL on Sept. 14 to about 600,000 on Oct. 13, a reduction of roughly 70%, Bastion says. The decline was detailed in an earlier report on SkyAI’s SOL holdings.

Bastion wants SkyAI to disclose the sale dates and amounts, average prices, net proceeds and approval process. It also seeks shareholder-nominated independent directors and a special committee to oversee the tender offer.

The shareholder is asking SkyAI to raise the offer price to at least $3.50 from $3. It also wants warrants tied to a strategic adviser excluded and several offer conditions removed.

At SkyAI’s Sept. 18 annual meeting, all five directors received more votes against them than in favor. They remained in office under the company’s election rules.

SkyAI expects to begin the offer around Oct. 15, subject to conditions that include SOL staying above $100.