Bastion Trading Opposes SkyAI's $201 Million Acquisition Offer, Demands Investigation into 70% SOL Sale and Price Increase to $3.50

Investor Bastion Trading has stated that it will not participate in SkyAI's proposed $201 million acquisition offer unless the company addresses governance, disclosure, and pricing issues. Bastion Trading and its affiliates collectively hold approximately 9.99% of SkyAI's common stock, and SkyAI plans to acquire up to 95% of its outstanding shares and eligible warrants at a price of $3 per share. Bastion Trading questions the scale of SkyAI's sale of approximately 70% of its SOL treasury assets. SkyAI previously claimed to have sold around 1 million SOL, but subsequent regulatory filings indicate it has only about 600,000 remaining; Bastion Trading demands disclosure of the sale timing, average transaction price, proceeds, transaction costs, and approval process, as well as an independent review before the offer begins. Bastion Trading also calls for the replacement of SkyAI board members, the establishment of an independent special committee to oversee the offer process, and an increase in the offer price to at least $3.50 per share. Additionally, it requests the removal of the $100 SOL price condition and the 50% minimum participation threshold, exclusion of strategic advisor warrants, and a prohibition on insiders selling their securities in the offer.

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