Bastion Trading challenges SkyAI’s $201M tender offer and demands transparency

SkyAI, Inc. wants to buy back nearly all of its own stock with cash raised from selling Solana. One of its biggest shareholders has questions. Quite a few of them. Bastion Trading Limited, which owns approximately 9.99% of SkyAI, publicly challenged the company’s proposed tender offer on October 14. It cited a lack of transparency about the company’s SOL sales and raised issues with board legitimacy. It is also calling for a higher offer price and changes to the board. The offer on the table SkyAI (NASDAQ: SKYA) announced the cash tender offer on October 11, 2026. The company plans to buy up to 95% of its common stock at $3.00 per share. The offer also covers three classes of warrants. The total maximum value of the deal is approximately $201 million. Part of that cash comes from the company’s recent sales of its Solana holdings. This one is expected to begin around October 15 and run for 10 business days. The $3.00 figure represents a 65% premium over SkyAI’s closing price on October 9, 2026. The offer requires a minimum of 50% of each security class to be tendered. It also requires SOL to keep trading above $100 throughout the offer window. What Bastion wants Bastion’s central co...