# Bastion Presses SkyAI Board Over SOL Sale and $201 Million Tender Offer

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/37253
Published: 2026-10-22T01:00:14.000Z
Updated: 2026-10-22T01:00:14.000Z
Section: Business

> The shareholder also wants better offer terms and previously called for a price of at least $3.50 per share.

Bastion Trading, which holds about 9.99% of Nasdaq-listed SkyAI (SKYA), is demanding that directors explain their roles in the company’s full Solana (SOL) sale and a cash tender offer for 95% of its shares and warrants.

Bastion wants Executive Chairman Paul K. Danner III and directors Soren Bo Christiansen, Timothy J. Ruemler and Jason L. Monroe to disclose who authorized and supervised the SOL sale. It also wants them to explain how they reviewed the offer’s timing, execution, counterparties and costs. Bastion says directors who cannot demonstrate independent oversight and fulfillment of their fiduciary duties should resign. If they believe they retain shareholders’ trust, Bastion wants Danner to call a special meeting so shareholders can decide the board’s makeup.

SkyAI sold all its SOL on Oct. 15, leaving it with no digital assets. Its tender offer is priced at $3 per share and seeks to repurchase 95% of its shares and warrants, for up to about $201 million. The offer expires Oct. 29.

Bastion also wants better terms for shareholders and pre-funded warrant holders. On Oct. 14, it said it would not participate in the offer and called for a price of at least $3.50 per share.