Odaily reported that Bastion Trading, a shareholder holding about 9.99% of SkyAI (Nasdaq: SKYA), issued a statement demanding that Executive Chairman Paul K. Danner III and several directors publicly explain the decision-making process behind the liquidation of all SOL reserves and the approval of a cash tender offer.
Bastion also called for a higher offer price and broader disclosure around potential conflicts of interest. According to the statement, SkyAI launched the tender offer on Oct. 16, 2026, but did not adequately address governance concerns that Bastion had raised earlier. Bastion said that within the previous month, the company had still stated that it held more than 2 million SOL and had reaffirmed its Solana Digital Asset Treasury, or DAT, strategy.
Bastion’s demands
The shareholder asked SkyAI to revise the terms of the tender offer and disclose additional information.
- Raise the tender offer price from $3 per share to at least $3.5;
- Increase the maximum purchase ratio for pre-funded warrants from 95% to 100%;
- Exclude strategic adviser warrants from the scope of the offer;
- Disclose securities held by directors, executives and affiliated parties, along with their potential gains;
- Publish details of the SOL sale, the company’s assets and liabilities, and the basis used to set the tender offer price.
Further pressure on the board
Bastion said that if directors cannot show they fulfilled an independent oversight role, they should resign. If not, it said a special shareholder meeting should be convened so shareholders can decide the composition of the board.
The demands described above reflect Bastion Trading’s position alone. In the material provided, no response from SkyAI’s board was included. According to GlobeNewswire, that response had not been reflected in the available materials at the time of publication.