SkyAI expands cash tender to $214M after Bastion settlement, sells all SOL

SkyAI has expanded its proposed cash tender offer to approximately $214.3 million after reaching an agreement with major shareholder Bastion Trading, completing the sale of its entire Solana treasury to fund the transaction. Summary SkyAI raised its maximum proposed tender payment to $214.3 million after settling with Bastion Trading. Bastion agreed to tender its securities and accept a three-year restriction on shareholder activism. SkyAI sold approximately 2 million SOL at an average net price of $107.20 per token. The amended offer covers all eligible pre-funded and stapled warrants, with differing prices and conditions. SKYA closed at $2.91 on October 27, below the $3.00 common-share tender price. According to the company’s October 27 announcement, Bastion and its affiliates have agreed to tender all their common shares, pre-funded warrants and stapled warrants under the revised offer. The agreement includes a three-year standstill and moves the tender deadline to November 12, giving other eligible investors additional time to decide whether to participate. The Nasdaq-listed company said it holds approximately $223 million in cash after selling roughly 2 million SOL in recent w...