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**$3.00** tender for **95%** of SkyAI shares files October 15 with Bastion backing—expiration mid-November, Q3 earnings land inside the window.
$3.00 per share
targeting up to
95%
of outstanding common stock
$3.00
price represents either a 40% premium or a 60%…
$2.10-$2.40
range during summer 2026 before volume collapsed in September
SkyAI filed notice with the SEC that it will commence a cash tender offer at $3.00 per share targeting up to 95% of outstanding common stock, pre-funded warrants, and strategic advisor compensation units. Filing materials arrive after market close October 15, 2026. The company simultaneously disclosed a tender support and settlement agreement with Bastion Trading Limited and affiliates, binding a material shareholder block to the offer terms.
The $3.00 price represents either a 40% premium or a 60% discount depending on which SkyAI you're pricing. The company's NASDAQ ticker SKYA last traded in the $2.10-$2.40 range during summer 2026 before volume collapsed in September. A 95% acceptance threshold signals management intent to take the company private or facilitate a sale without trailing minority holders. The tender structure includes warrants—unusual unless the cap table carries conversion overhang from a distressed raise.
Bastion Trading's participation shifts this from theoretical to executable. The firm historically seeds AI infrastructure plays in the $50M-$200M market cap band, then either flips to strategic buyers or forces management recapitalizations. Their settlement agreement likely includes standstill provisions and a minimum tender commitment, creating a floor beneath the 95% target. Without Bastion's block, a 95% tender acceptance is aspirational. With it, management has 60-75% locked before retail sees the offer document.
The timing is tight. Materials filed after October 15 close trigger a 20-business-day minimum offer period under SEC Rule 14d-1, pushing expiration into mid-November 2026. SkyAI's Q3 earnings—typically reported late October—will land inside the offer window. If the company is bleeding cash or missed revenue guidance, the $3.00 price starts looking like ceiling, not floor. If they print positive EBITDA or announce a customer contract, minority holders gain leverage to push for a bump. The Bastion agreement will specify whether they can tender into a higher competing bid, which they won't disclose until someone asks in the Q&A.
Allocators should mark three dates: October 15 for the full tender materials and fairness opinion, late October for Q3 earnings if they file on schedule, and mid-November for the expiration deadline. The fairness opinion will cite comparable SaaS multiples in the 2.5x-4.5x revenue range—watch whether the banker uses trailing twelve months or forward projections. If forward, SkyAI is selling a story. If trailing, they're selling a terminal value. Bastion's settlement terms will appear in a Schedule 13D amendment within 10 days of signing. Look for whether they negotiated board seats, breakup fees, or approval rights on competing bids.
The 95% threshold leaves 5% for employees, founders, or strategic holders who don't tender. That's not enough to maintain a liquid public market. SkyAI is either going private or Bastion is clearing the cap table for a sale that closes in Q1 2027.
Branded by POPS4 · proof in 60 seconds
For the principal
If SkyAI holds portfolio exposure, request the fairness opinion by October 16 and model the Q3 earnings risk before tender expiration.
For the operator
Watch for Bastion's 13D amendment and the fairness opinion's revenue multiple—forward projections mean management is selling hope, not cash flow.
For the house
No SKYA exposure across named accounts; monitor for sector comps if AI infrastructure multiples compress below 3.0x revenue on distressed tenders.
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