SkyAI Settles With Bastion, Clears Path for $3 Buyback After Dumping All 2M SOL
SKYA has more than doubled off its 52-week low of $0.91.
Summary
SkyAI ended its fight with 9.99% holder Bastion Trading, which had opposed the buyback and now backs the $3-per-share plan. That removes the main obstacle to the cash tender for up to 95% of shares and warrants, first launched October 15 and funded by selling half the company's Solana. The company also disclosed it sold all 2 million SOL at an average of $107 per token and will not buy SOL again once the buyback closes — effectively exiting the treasury strategy that drove a $109.5M net loss in H1 2026. It now holds $224 million in cash, which covers the roughly $201M tender. The $3 offer is a steep premium to the $2.94 market price, so the remaining question is how much stock actually tenders.
At the time of this announcement, SKYA was trading at $2.94 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $148M. The 52-week trading range was $0.91 to $5.49. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Binance News.