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Bastion Trading, which holds about 9.99% of SkyAI, has objected to the company’s planned share buyback of up to $201 million, Crypto Briefing reported. Bastion said SkyAI had provided insufficient disclosure on sales of its Solana holdings and called for a higher tender offer price and a board overhaul.
SkyAI recently announced a cash tender offer to buy back up to 95% of its common shares and three classes of warrants at $3 per share, a roughly 65% premium to the Oct. 9 closing price. The offer is expected to begin around Oct. 15 and run for 10 business days, with at least 50% of each security class required to be tendered. The tender offer also includes a condition that SOL remain over $100 during the offer period.
Bastion estimates SkyAI has sold about 70% of its SOL holdings and is seeking more detailed disclosure on the size of the sales and the remaining balance. Bastion estimates SkyAI sold about one million SOL and now holds between 600,000 and one million SOL. Bastion also puts SkyAI’s net asset value at about $3.30 per share and argued the tender offer price should be raised to at least $3.50.