SkyAI Shareholder Demands Board Accountability After Full Solana Sale

Bastion Trading, SkyAI’s roughly 9.99% shareholder, is demanding a public explanation of the company’s full Solana (SOL) treasury sale and better terms for its cash tender offer.

Bastion wants SkyAI to raise the offer from $3 a share to at least $3.50 and increase the maximum portion of pre-funded warrants eligible for purchase from 95% to 100%. It also wants strategic adviser warrants excluded from the offer.

The shareholder is seeking disclosures on securities held by directors, executives and related parties, including potential gains. It also wants details of the SOL sale, SkyAI’s assets and liabilities, and the basis for the offer price.

SkyAI began the cash tender offer Friday, Oct. 16. In September, the company said it held more than 2 million SOL and reaffirmed its digital asset treasury strategy.

Bastion says directors who cannot show they provided independent oversight should resign. Otherwise, it wants a special shareholder meeting where investors can decide the board’s composition.