SkyAI shareholder Bastion Trading refused to participate in the tender offer, accusing the company of secretly dumping 70% of its SOL reserves.

On October 14 that, according to GlobeNewswire, Bastion Trading, a major shareholder of SkyAI (Nasdaq: SKYA) holding approximately 9.99%, has publicly questioned the company’s cash tender offer plan. Bastion Trading noted that SkyAI quietly sold off approximately 70% of its SOL treasury reserves (reducing holdings from over 2 million to approximately 600,000 tokens) in less than a month without timely disclosure to shareholders, allegedly violating information disclosure regulations.

Meanwhile, the company's board of directors faced overwhelming opposition votes at the 2026 annual general meeting, casting doubt on its legitimacy. Bastion Trading has demanded full disclosure of the details surrounding the SOL sell-off, restructuring of the board of directors, and improved acquisition terms (raising the purchase price from $3.00 to at least $3.50), warning that it will decline to participate in the current tender offer and reserve the right to take legal action if these demands are not met.