Overview
- SkyAI announced a conditional tender offer on October 11 to repurchase up to 95% of its stock at $3.00 per share for about $201 million, saying part of the cash came from recent sales of Solana (SOL).
- An October 13 SEC filing showed SkyAI’s SOL balance near 600,000 tokens, a roughly 70% drop from the company’s mid-September disclosure of more than 2 million SOL and leaving an unexplained gap of about 400,000 SOL.
- On October 14 Bastion Trading, a roughly 9.99% shareholder, publicly refused to tender at $3 and demanded full transaction records for SOL sales, an independent review, and board changes while urging other investors to delay participation.
- The buyback depends on two key conditions that could fail: a minimum 50% tender rate in each security class and SOL trading above $100 during the offer window, and SkyAI says it has assembled about 80% of the required cash so far.
- If the offer succeeds it would sharply shrink SkyAI’s public float and concentrate ownership, and the public dispute raises broader questions about firms using crypto treasuries for corporate deals and about the company’s recent governance and adviser-warrant practices.