Bastion Trading Challenges SkyAI’s Proposed Tender Offer, Demands Immediate and Full Disclosure of SOL Sales and Board Reconstitution
Bastion Trading, a 9.99% holder of SkyAI (SKYA), publicly challenged the company's proposed $3.00 tender offer and demanded full disclosure of the sale of roughly 70% of its Solana treasury in less than a month. SkyAI disclosed more than two million SOL as recently as September 14, but an October 13 Form 8-K shows only ~600,000 SOL remaining; Bastion says the sales lacked prior stockholder disclosure and may raise securities-law and Nasdaq compliance questions.
Key figures
- Sol held oct 13
- 600000
- Sol held sep 14
- more than two million
- Sol disposal pct
- approximately 70%
- Bastion ownership
- 9.99% of outstanding common stock
- Withhold vote ratio
- nearly 3-to-1 withhold vs. for in some cases
- Sol price assumption
- $110
- Nav per share estimate
- $3.30
- Tender offer price current
- $3.00
- Upfront consulting payment
- $10 million
- Tender offer price demanded
- $3.50
AI analysis
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