Bastion Trading Challenges SkyAI’s Tender Offer and Solana Sales
- SkyAI plans to buy back up to 95% of its shares and warrants for $3 each, totaling $201 million.
- Bastion Trading, owning about 9.99% of SkyAI’s stock, opposes the offer unless governance and disclosure issues are addressed.
- Approximately 70% of SkyAI’s Solana holdings were sold, raising transparency concerns among shareholders.
- Bastion demands a tender price increase to at least $3.50 per share and board changes for better oversight.
SkyAI’s plan to repurchase a significant portion of its shares faces resistance due to Bastion’s concerns over governance and lack of transparency regarding the sale of Solana assets. The investor calls for higher tender pricing and board restructuring before proceeding with the offer.
Bastion’s opposition highlights the importance of transparency in crypto asset management, particularly after SkyAI sold a large portion of its Solana holdings without detailed disclosure. (Source)
