SkyAI Wins Bastion Backing for $3.00 Tender, Expands Offer to All Warrants
SKYA has more than doubled off its 52-week low of $0.91.
Summary
SkyAI locked in tender support from Bastion Trading, the activist holder that disclosed a 9.99% stake in September and had been pushing to vote against management. Bastion also agreed to a three-year standstill, removing the proxy fight that has hung over the company since the 13D. The company widened the offer to buy 100% of each class of pre-funded warrants outstanding and now includes all stapled warrants, extending the $3.00-per-share cash tender beyond common stock. That $3.00 price is a steep premium to the $2.92 last trade and to where the stock sat before the October 12 announcement. With the largest dissident now committed, the main obstacle to the tender closing is shareholder participation rather than opposition.
At the time of this announcement, SKYA was trading at $2.92 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: Reuters.