SkyAI Major Shareholder Bastion Trading Demands Board Accountability and Disclosure of SOL Liquidation Details

Odaily: 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 the liquidation of the company's entire SOL reserve and the approval of the cash tender offer, and calling for a higher offer price and stronger disclosure of conflicts of interest. Bastion Trading noted that SkyAI launched its tender offer on October 16, 2026, but failed to adequately address its previously raised corporate governance concerns; just one month earlier, the company had still stated that it held more than 2 million SOL and reaffirmed its Solana digital asset treasury (DAT) strategy.

Bastion Trading demands that the tender offer price be raised from $3 per share to at least $3.5 per share, and that the maximum acquisition ratio of pre-funded warrants be increased from 95% to 100%; it also requires that strategic advisor warrants be excluded from the scope of the offer, that the securities and potential gains held by directors, officers, and related parties be disclosed, and that information including the SOL sale transactions, the company's balance sheet, and the basis for the tender offer pricing be published. The firm also stated that if directors cannot demonstrate that they fulfilled their independent oversight duties, they should resign voluntarily; otherwise, a special shareholders' meeting should be convened to let shareholders decide the composition of the board. The above content represents demands unilaterally raised by Bastion Trading, and the relevant response from SkyAI's board has not been reflected in the provided materials. (Globenewswire)