SkyAI major shareholder questions the clearing of the SOL treasury and demands an increase in the offer price

SkyAI's major shareholder Bastion Trading stated that it and its affiliates collectively hold approximately 9.99% of the company's common stock and demand that SkyAI's executive chairman and several directors publicly explain the decision-making process for approving the liquidation of all SOL treasury and the cash tender offer.

Bastion pointed out that SkyAI launched the tender offer on October 16 and subsequently disclosed that it had emptied all SOL treasury. A month ago, the company still stated that it would continue to adhere to the Solana DAT strategy and held over 2 million SOL. Bastion believes that the current offer price of $3 per share or for the qualifying warrants is too low and demands that it be raised to at least $3.50, and that the maximum acquisition ratio for the pre-financing warrants be increased from 95% to 100%.

Bastion also requested that the Strategic Advisor Warrants be excluded from the offer and that the securities and potential earnings held by directors, management, and affiliates be disclosed. It stated that if the relevant directors cannot prove that they have fulfilled their independent oversight and fiduciary duties, they should voluntarily resign; otherwise, a special shareholders' meeting should be convened to allow shareholders to decide the future composition of the board of directors.