# Bastion Demands Answers Over SkyAI’s $201.26M Tender Offer

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/37590
Published: 2026-10-22T07:14:34.000Z
Updated: 2026-10-22T07:14:34.000Z
Section: Business

> Bastion estimates eligible strategic warrants could yield up to $11.9 million if tendered and accepted.

Bastion Trading is demanding that SkyAI’s executive chairman and three directors explain the sale of the company’s full Solana (SOL) treasury and approval of a tender offer the shareholder says could benefit an adviser tied to a director’s family.

Bastion’s Oct. 21 demand names Executive Chairman Paul K. Danner III and directors Soren Bo Christiansen, Timothy J. Ruemler and Jason L. Monroe. Bastion estimates that up to $11.9 million could go to strategic warrants held by Sol Markets, SkyAI’s adviser. Sol Markets is wholly owned and controlled by James Zhang, the brother of SkyAI Chief Investment Officer and director Yuwen (Alice) Zhang. The estimate assumes eligible warrants are tendered and accepted; it is not a confirmed payment.

SkyAI’s offer began Oct. 16 and seeks to buy up to 95% of each class of shares and warrants, at $3 per share or warrant, subject to a $201.26 million cap. Certain warrants carry a $0.0001 exercise-price deduction. The offer includes up to 3,955,293 strategic warrants.

SkyAI completed the sale of all its SOL on Oct. 15 and held about $223.8 million in cash that day. Its board unanimously approved the offer and determined it was in the company’s and stockholders’ best interests. Bastion called for the directors to resign or convene a special stockholder meeting if they cannot demonstrate meaningful oversight. SkyAI’s tender period is scheduled to end at midnight ET (04:00 UTC) Oct. 30; it may end sooner if terminated or continue if extended.