Bastion Trading Opposes SkyAI's $201 Million Tender Offer, Demands Probe into ~70% SOL Sale and Price Hike to at Least $3.50

Investor Bastion Trading stated it will not participate in SkyAI's proposed $201 million tender offer unless SkyAI addresses governance, disclosure, and pricing issues. Bastion Trading and its affiliates collectively hold approximately 9.99% of SkyAI's common shares. SkyAI plans to acquire up to 95% of its outstanding shares and eligible warrants at $3.00 per share. Bastion Trading questioned the scale of SkyAI's sale of approximately 70% of its SOL treasury assets. SkyAI previously stated it had sold roughly 1 million SOL, while subsequent regulatory filings show it retains only about 600,000 SOL. Bastion Trading demands disclosure of the sale timing, average execution price, proceeds, transaction costs, and approval process, along with an independent review before the tender offer commences. Bastion Trading also demands the replacement of SkyAI board members, the establishment of an independent special committee to oversee the tender process, and an increase in the offer price to at least $3.50 per share. It additionally calls for the removal of the $100 SOL price condition and the 50% minimum participation threshold, the exclusion of strategic advisor warrants, and a prohibition on insiders tendering their securities in the offer.