Odaily Planet Daily reports: Bastion Trading, a major shareholder holding approximately 9.99% of SkyAI (Nasdaq: SKYA), has issued a statement demanding that Executive Chairman Paul K. Danner III and several directors publicly explain the decision-making process behind liquidating all SOL reserves and approving the cash tender offer. Bastion Trading is also calling for an increased offer price and enhanced disclosure of potential conflicts of interest. Bastion Trading noted that SkyAI initiated the tender offer on October 16, 2026, without adequately addressing prior concerns raised regarding corporate governance; yet, just one month earlier, the company had stated it held over 2 million SOL and reaffirmed its strategy for the Solana Digital Assets Treasury (DAT).
Bastion Trading has requested that the offer price be increased from $3.00 to at least $3.50 per share, and that the maximum purchase ratio for pre-financing warrants be raised from 95% to 100%; it also demands the exclusion of strategic advisor warrants from the acquisition, disclosure of securities held by directors, executives, and affiliates along with their potential gains, and publication of information regarding the SOL sale transaction, the company’s balance sheet, and the basis for the offer valuation. The company further stated that if directors cannot demonstrate they have fulfilled their independent oversight duties, they should voluntarily resign; otherwise, a special general meeting should be convened for shareholders to determine the composition of the board. These are unilateral demands made by Bastion Trading; SkyAI’s board response has not been reflected in the provided materials. (GlobeNewswire)