Bastion Trading challenges SkyAI's $201 million tender offer over Solana sales
Bastion Trading has challenged SkyAI's proposed $201 million cash tender offer, demanding full transparency regarding steep Solana sales, board reconstitution, and an increased offer price.
Bastion Trading and its affiliates, who collectively hold approximately 9.99% of Solana treasury firm SkyAI, have formally challenged the company's proposed $201 million cash tender offer. According to Bastion, SkyAI offloaded around 70% of its Solana (SOL) holdings in less than a month without adequate disclosures regarding the transaction timing, prices, or approval process.[1][3][4]
SkyAI had previously disclosed selling approximately 1 million SOL to help fund the tender offer, but subsequent filings revealed only about 600,000 tokens remained. The Block reported that the company's holdings dropped by at least 70% since Sept. 14, down from more than 2 million SOL.[1][2]
In addition to seeking immediate and full disclosures concerning the token sales, Bastion is demanding independent oversight and an overhaul of the incumbent board. The shareholder is also calling for the tender offer price to be raised from $3.00 to at least $3.50 per share or eligible warrant, while requesting that management and related parties be barred from participating in the transaction.[1][4]
Key facts
- Bastion Trading and its affiliates hold roughly 9.99% of Solana treasury company SkyAI.
- SkyAI's SOL holdings decreased by at least 70% since Sept. 14, falling from more than 2 million SOL to roughly 600,000 SOL.
- Bastion Trading challenged SkyAI's $201 million cash tender offer, citing undisclosed timing, pricing, and approvals for the token sales.
- SkyAI previously disclosed selling approximately 1 million SOL to help finance the tender offer.
- Bastion is calling for full disclosure of token sales, independent oversight, and board reconstitution.
- Bastion is demanding the tender offer price be increased from $3.00 to at least $3.50 per share or eligible warrant, with management and related parties excluded from participating.
Sources 路 4 sources
- SO
SolanaFloor@SolanaFloorPost on X 路
馃毃JUST IN: Bastion Trading, which owns 9.99% of @Solana treasury firm SkyAI with affiliates, challenges its proposed $201M tender offer, citing a lack of transparency over the sale of roughly 70% of its $SOL holdings in under a month. SkyAI previously disclosed selling approximately 1M $SOL to help fund the offer, but subsequent filings showed just 600,000 $SOL remained. Bastion demands full sale disclosures, independent oversight, board changes, and an increase in the offer price from $3 to at least $3.50.
Open source - TB
The Block@TheBlockCoPost on X 路
THE BLOCK: SkyAI's $SOL holdings have fallen by at least 70% since Sept. 14, from more than 2 million tokens to about 600,000. Major shareholder Bastion Trading is demanding details of the disposals and wants changes made to the company's $3 tender offer. $SKYA https://t.co/9QsOLlnEdI
Open source - CB
Crypto BriefingArticle 路
Bastion Trading challenges SkyAI鈥檚 $201M tender offer and demands transparency Bastion's challenge could prompt increased scrutiny on corporate governance and transparency, influencing shareholder activism trends. The post Bastion Trading challenges SkyAI鈥檚 $201M tender offer and demands transparency appeared first on Crypto Briefing .
Open source - WB
Wu Blockchain@WuBlockchainPost on X 路
According to Bastion Trading, Solana treasury company SkyAI sold approximately 70% of its SOL holdings in less than a month, leaving around 600,000 SOL, without adequately disclosing the timing, prices or approval process. Bastion and its affiliates, which hold approximately 9.99% of SkyAI, are calling for full disclosure of the sales, a board overhaul and an increase in the proposed cash tender offer price from $3.00 to at least $3.50 per share or eligible warrant, while excluding management and related parties from participating. https://t.co/wyTymM7UTF
Open source