Bastion Trading: Opposes SkyAI's $201 million takeover bid, demands investigation into the sale of approximately 70% SOL and a price increase to at least $3.5

Investor Bastion Trading stated that it will not participate in the proposed $201 million tender offer unless SkyAI addresses governance, disclosure, and pricing issues. Bastion Trading and its affiliates collectively hold approximately 9.99% of SkyAI's common stock, and SkyAI plans to acquire up to 95% of its outstanding shares and eligible warrants at $3 per share.

Bastion Trading questioned the scale of SkyAI's sale of approximately 70% of its SOL treasury assets. SkyAI previously stated that it had sold around 1 million SOL, but subsequent regulatory filings showed that it has only about 600,000 left; Bastion Trading demands disclosure of the sale dates, average transaction prices, proceeds, transaction costs, and approval processes, and calls for an independent review before the tender offer begins.

Bastion Trading also requested the replacement of SkyAI board members, the establishment of an independent special committee to oversee the tender process, and an increase in the offer price to at least $3.50 per share. It simultaneously demanded the removal of the $100 SOL price condition and the 50% minimum participation threshold, the exclusion of strategic advisor warrants, and a prohibition on insiders tendering their held securities.