SkyAI Expands $3.00 Tender Offer to ~$214.3M, Wins Bastion Support and Standstill
SKYA has more than doubled off its 52-week low of $0.91.
Summary
SkyAI settled with activist Bastion Trading, which will tender its entire stake and accept a three-year standstill, while the company expanded its $3.00 cash tender to 100% of pre-funded warrants and added the stapled warrant classes — roughly $214.3 million total, funded from cash on hand.
Key Events · M&A and Partnerships · SKYA
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Bastion Support and Standstill Deal
Activist Bastion Trading, holder of a 9.99% stake disclosed in September, agreed to tender all of its common stock, pre-funded warrants and stapled warrants and to a three-year standstill barring it from acquiring securities, nominating directors or soliciting proxies.
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Offer Expanded to ~$214.3M
The company will now buy up to 100% of each pre-funded warrant class (up from 95%) and added cash and cryptocurrency stapled warrants at $0.17 per warrant; total consideration if all securities tender is approximately $214.3 million, versus the prior ~$201 million.
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Funded From Cash, No Financing Condition
SkyAI sold approximately 2 million SOL at an average net price of $107.20 and holds approximately $223 million in cash with no SOL remaining; the offer is not subject to a financing condition.
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Expiration Extended to November 12
The offer now expires one minute after 11:59 p.m. New York City time on November 12, 2026, unless further extended; common stock and strategic warrants stay at 95% of each class at $3.00 with independent 50% minimum subscription conditions.
Analysis · SKYA · Crypto Assets
SkyAI has locked in the activist holder that had been fighting it. Bastion Trading, which disclosed a 9.99% stake in September and planned to vote against management, has now agreed to tender all of its shares and warrants and to a three-year standstill barring it from acquiring stock, nominating directors or soliciting proxies. In exchange, the company widened the offer: it will now buy 100% of each pre-funded warrant class instead of 95%, and it added the cash and cryptocurrency stapled warrants (strike $9.75) at $0.17 each. Total cash out the door rises to roughly $214.3 million if everything tenders, funded from the ~$223 million of cash on hand after selling its remaining SOL at an average $107.20. The offer is not conditioned on financing and now runs to November 12, 2026. For holders, the key mechanics are unchanged on common stock and strategic warrants — still 95% of each class at $3.00, still a 50% minimum subscription per class, with each class independent. The board makes no recommendation on tendering.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 36.5% of the 953 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.66%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SKYA was trading at $2.91 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 filing was assessed with positive market sentiment and an importance score of 8 out of 10.