Bastion Trading Flags 70% SOL Sell-Off, Demands SkyAI Raise Tender Price and Reset Board

Bastion Trading, a 9.99% shareholder of Solana treasury company SkyAI (Nasdaq: SKYA), is challenging the company’s $3.00-per-share tender offer and demanding disclosure of the roughly 70% of its Solana (SOL) holdings sold in under a month. In an October 14 letter , the activist investor asked SkyAI to raise the offer to at least $3.50 per share or eligible warrant, add independent directors to a special committee, and explain when, at what prices, and how the SOL sales were approved.