Key Takeaways
Bastion Buying and selling opposes SkyAI’s $201M tender and questions the sale of roughly 70% of its SOL.The 9.99% shareholder desires board modifications, fuller disclosure, and a young value of no less than $3.50.Shareholder help now hinges on whether or not SkyAI improves the deal and explains its solana gross sales.
SkyAI’s $3 Tender Attracts Pushback
SkyAI’s plan to make use of money and solana gross sales to fund a sweeping shareholder tender supply is already going through resistance from certainly one of its largest traders.
Bastion Buying and selling stated in a press release that it’ll not take part within the proposed supply until SkyAI addresses considerations over governance, disclosure, and pricing. The investor, along with associates, beneficially owns about 9.99% of SkyAI’s frequent inventory.
The pushback comes days after SkyAI outlined plans to purchase as much as 95% of its excellent shares and eligible warrants for $3 every, with a most buy value of about $201 million.
Bastion Questions the Scale of SOL Gross sales
The central dispute is SkyAI’s crypto treasury.
SkyAI initially stated it had offered about 1 million SOL, roughly half of its holdings. Bastion says a subsequent regulatory submitting confirmed solely round 600,000 SOL remained, implying roughly 70% of the corporate’s Solana treasury had been disposed of in lower than a month.
Bastion stated shareholders nonetheless lack key particulars, together with when the SOL was offered, common execution costs, proceeds, transaction prices, and the approval course of. That issues as a result of SkyAI had publicly reaffirmed its solana digital asset treasury technique shortly earlier than the gross sales, when it stated it held greater than 2 million SOL.
Bastion is asking for an impartial overview of the transactions and fuller disclosure earlier than the tender begins.
Board Governance Strikes Into the Highlight
The investor can be difficult the authority of SkyAI’s present board to supervise such a serious capital restructuring.
At SkyAI’s 2026 annual assembly, all 5 incumbent administrators acquired extra withhold votes than votes in favor, in accordance with Bastion. Bastion desires the board refreshed with new impartial administrators and an impartial particular committee established to supervise the tender course of.
The dispute provides one other layer to SkyAI’s already difficult capital technique after the corporate rejected Ahead Industries’ unsolicited all-stock takeover proposal.
Bastion Needs at Least $3.50 Per Share
Bastion can be demanding higher economics.
It desires SkyAI to boost the tender value from $3 to no less than $3.50, versus Bastion’s estimated internet asset worth of about $3.30 per share.
It additionally desires the corporate to take away the $100 SOL value situation, eradicate the 50% minimal participation threshold, exclude strategic-advisor warrants, and stop insiders from tendering securities they maintain.
The battle now shifts from whether or not SkyAI can fund the tender as to whether shareholders settle for its phrases. For a crypto treasury firm that already seems to be promoting giant quantities of SOL, that governance combat could show simply as essential because the token value itself.
