SkyAI Liquidates All SOL Holdings and Proceeds with $201M Buyback; Major Shareholder Calls for Board Accountability and Better Terms SkyAI’…
SkyAI Liquidates All SOL Holdings and Proceeds with $201M Buyback; Major Shareholder Calls for Board Accountability and Better Terms
SkyAI’s major shareholder, Bastion Trading, criticized the company for proceeding with its $201 million cash tender offer despite earlier requests for improved terms and greater transparency. Bastion called on the Chairman and directors individually to explain their oversight of these transactions. Bastion also continued to urge SkyAI to raise the tender price from $3.00 to at least $3.50, allow 100% tender of pre-funded warrants instead of 95%, and exclude insider-related strategic advisor warrants to ensure fairer treatment of investors.
SkyAI previously stated that the buyback aims to optimize its capital structure and provide liquidity to shareholders. The company has not separately responded to the latest concerns over board accountability and potential conflicts of interest.