Bastion Demands SkyAI Directors Explain Role in Sol Liquidation and $3 Tender
SKYA has more than doubled off its 52-week low of $0.91 on elevated volume (2.3× avg).
Summary
Bastion Trading, which disclosed a 9.99% stake on September 3 and has been pushing shareholders to withhold votes from directors, is now publicly demanding the executive chairman and board explain their roles in approving the complete liquidation of the company's Solana holdings and the $3.00-per-share tender offer for up to 95% of shares and warrants. The tender launched October 15 and is funded by selling roughly half the Solana treasury, so Bastion is effectively arguing the board is cashing out the company's core asset at a bad moment — the same Solana position that drove a $109.5M net loss in H1 2026. This raises the odds of a proxy fight or litigation over the board's process, and it puts the tender's acceptance in question if shareholders side with Bastion. Forward Industries' competing 0.306-share exchange offer remains on the table as an alternative.
At the time of this announcement, SKYA was trading at $2.82 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $122.4M. The 52-week trading range was $0.91 to $5.49. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.