SkyAI shareholder Bastion Trading: Refused to participate in the tender offer, accusing the company of secretly selling 70% of its SOL reserves

According to GlobeNewswire, SkyAI (Nasdaq: SKYA) major shareholder Bastion Trading (holding approximately 9.99%) publicly questioned the company's cash tender offer plan.

Bastion Trading pointed out that SkyAI quietly sold about 70% of its SOL treasury reserves (from over 2 million to about 600,000) in less than a month, without timely disclosure to shareholders, suspected of violating information disclosure regulations.

Meanwhile, the company's board faced overwhelming opposition votes at the 2026 shareholder meeting, raising questions about its legitimacy. Bastion Trading demanded the company fully disclose the details of the SOL sell-off, restructure the board, and improve the acquisition terms (raising the acquisition price from $3 to at least $3.5), otherwise, it would not participate in this tender offer and reserves the right to take legal action.