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      Bastion Trading Questions SkyAI’s $201 Million Tender Offer

      Bastion Trading Limited, a significant shareholder of SkyAI, Inc., has publicly challenged the company's recent tender offer of $201 million, which aims to buy back nearly all of its common stock at a price of $3.00 per share. The tender offer was announced on October 11, 2026, and is set to begin around October 15, running for 10 business days. Bastion, which holds approximately 9.99% of SkyAI, is demanding greater transparency regarding the company's sales of Solana (SOL) and is calling for a higher offer price, suggesting it should be raised to at least $3.50 per share based on their estimate of SkyAI's net asset value at $3.30 per share.

      Bastion's concerns center on the lack of disclosure about SkyAI's recent liquidation of its Solana holdings, with reports indicating that the company has sold around 70% of its SOL assets. This translates to roughly 1 million SOL sold, leaving SkyAI with between 600,000 and 1 million SOL. In addition to financial transparency, Bastion is advocating for changes to the board's composition, questioning its legitimacy amid the ongoing tender offer.

      SkyAI's tender offer includes a requirement that at least 50% of each class of security must be tendered for the offer to proceed. The company has also recently rejected an unsolicited acquisition proposal from Forward Industries, which SkyAI deemed undervalued. The outcome of Bastion's challenge could influence the decisions of other shareholders as they weigh the merits of the tender offer against the potential for a higher bid.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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