Bastion Trading challenges SkyAIās $201M tender offer and demands transparency
SkyAI's 9.99% shareholder wants a higher price, more disclosure on Solana sales, and changes to the board
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.
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What Bastion wants
Bastion’s central complaint is disclosure. The company has reportedly sold around 70% of its SOL holdings. The research puts that at roughly 1 million SOL sold, with SkyAI retaining somewhere between 600,000 and 1 million SOL.
Bastion is demanding detailed disclosures about the tender offer and the treasury liquidation behind it.
Bastion also has a view on price. It wants the offer raised to at least $3.50 per share. Its reasoning: by Bastion’s estimate, SkyAI’s net asset value sits at about $3.30 per share.
Beyond the money, Bastion has raised questions about board legitimacy. It is pushing for board reconstitution.
A company fending off offers from multiple directions
The tender fight is not SkyAI’s only recent corporate drama. The company also rejected an unsolicited proposal from Forward Industries.
Forward had pitched an all-stock acquisition of SkyAI. SkyAI turned it down, saying the offer undervalued the firm.
What this means for SkyAI shareholders and SOL watchers
For SkyAI shareholders, the immediate decision is whether $3.00 is good enough. The offer delivers a meaningful premium to where the stock traded just before the announcement. But Bastion’s NAV estimate of $3.30 per share gives holders a reason to wait and see whether pressure produces a better number.
The 50% minimum per class matters here. If enough investors side with Bastion and decline to tender, the offer could fail to meet its conditions. A 9.99% stake will not block the deal alone, but a public campaign can sway other holders.
Things to watch: whether SkyAI publishes more detail on its remaining SOL, whether it moves the $3.00 price toward Bastion’s $3.50 demand, and whether the offer launches on schedule around October 15. Any movement on board composition would also signal how seriously management is taking the challenge.