SkyAI shareholder Bastion Trading: Refuses to participate in the tender offer, accuses the company of secretly selling 70% of its SOL reserves

According to GlobeNewswire, SkyAI (Nasdaq: SKYA) major shareholder Bastion Trading (holding approximately 9.99%) publicly questioned the company's cash tender offer plan. Bastion Trading pointed out that SkyAI quietly sold about 70% of its SOL treasury reserves (from over 2 million to about 600,000) in less than a month, failing to disclose this to shareholders in a timely manner, which is suspected to violate information disclosure regulations.

Meanwhile, the company's board faced overwhelming opposition votes at the 2026 shareholder meeting, raising doubts about its legitimacy. Bastion Trading demands that the company fully disclose the details of the SOL sell-off, restructure the board, and improve the acquisition terms (raising the purchase price from $3 to at least $3.5), otherwise, it will not participate in this tender offer and reserves the right to take legal action.