SkyAI declared intention to commence a cash tender offer at $3.00 per share for up to 95% of its outstanding common stock, pre-funded warrants, cryptocurrency-linked warrants, and strategic advisor warrants. Offer materials are scheduled for SEC filing after market close October 15, 2026. The company frames the tender as a liquidity event for retail holders and smaller institutional positions.
Bastion Trading, which holds 9.99% of the equity, filed opposition within the same trading session. The activist questions board legitimacy following what it describes as an overwhelming withhold vote at the prior annual meeting and demands immediate disclosure of all Solana token sales executed by management or company-controlled wallets. Bastion also called for independent director appointments before any tender closes. The dispute centers on whether the offer price reflects fair value given undisclosed cryptocurrency asset monetization and whether the current board has standing to approve a transaction of this scale after shareholder rejection.
The timing matters because SkyAI operates at the intersection of artificial intelligence infrastructure and on-chain compute markets. If the company has been liquidating SOL or other token positions to fund operations or management compensation without disclosure, the $3.00 offer may represent a material discount to net asset value. Bastion's reference to "SOL sales" suggests the activist has forensic blockchain data tying company wallets to token outflows. A tender closing without that disclosure would lock in an exit price before retail and smaller funds can assess whether AI compute revenue or token treasury drove the bid. The 95% cap is unusually high for a going-private structure, indicating either a full delisting intent or a setup for a squeeze-out merger at the same $3.00 price post-close.
Allocators should watch for three near-term events. First, whether SkyAI files tender documents on October 15 as stated or delays under pressure from Bastion or other holders. Second, whether the company releases a detailed reconciliation of all token holdings, sales, and stablecoin conversions over the past twelve months. Third, whether Bastion or another holder files a preliminary injunction motion in Delaware Chancery to block the tender pending independent valuation. If Bastion secures even temporary injunctive relief, the $3.00 price becomes a floor rather than a ceiling, and other activists may enter the stock expecting a raised bid or a control auction. Any delay past October 20 without a price increase signals board entrenchment and increases the likelihood of a proxy fight in Q1 2027.
The activist filed opposition before tender documents reached the SEC, which means Bastion had advance notice of board intent or forensic visibility into management communications. That speed advantage is not typical for a 9.99% holder unless the position was built specifically to challenge this transaction.
The takeaway
Bastion's same-day challenge and demand for SOL disclosure suggests forensic blockchain evidence and sets $3.00 as a floor pending independent oversight.
Editorial & Disclosure Notice: This article was written with artificial intelligence from public sources and is published without individual human review. Artificial intelligence and other digital tools are also used for research, analysis, editing, formatting, and production. Errors, omissions, outdated information, or inaccuracies may occur. References to companies, brands, products, services, organizations, or individuals are for informational and editorial purposes and do not imply endorsement, sponsorship, affiliation, partnership, or approval unless expressly stated. All trademarks and other intellectual property remain the property of their respective owners. Opinions, analysis, estimates, and commentary are informational only and should not be construed as financial, investment, legal, tax, medical, procurement, or other professional advice. Information may be corrected, clarified, or updated after publication. Corrections or removal requests: jenny@pops4.com.
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