Activist Bastion Demands Answers After SkyAI's Solana Treasury Shrinks 70% in a Month
SKYA has more than doubled off its 52-week low of $0.91.
Summary
Bastion Trading, holding nearly 10% of SkyAI, is publicly demanding an explanation for a 70% drop in the company's Solana treasury over the past month. The activist says it will not participate in the $3-per-share tender offer until its concerns are addressed, and it wants the buyback price raised to $3.50. Bastion also flags a 400,000 SOL discrepancy between the Oct. 11 announcement and the latest 8-K, and wants strategic advisor warrants excluded because they were granted to a company controlled by the CIO's brother. This follows a September shareholder protest where all five directors received more withhold votes than support. The pressure adds governance risk to an already contentious buyback and takeover battle.
At the time of this announcement, SKYA was trading at $2.52 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $109M. The 52-week trading range was $0.91 to $6.14. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: The Block.