SkyAI Raises Tender Offer to $214M After Settling With Bastion Trading

The agreement marks a tactical pivot for the Nasdaq-listed firm, which has officially abandoned its previous strategy of maintaining a cryptocurrency-heavy treasury. Bastion, which previously challenged the $3.00 per share offer as an undervaluation of company assets, has now committed to tendering its significant holdings, including over 4.6 million common shares and various warrant classes. In exchange for the revised terms, Bastion has entered a three-year standstill, effectively barring the investor from nominating directors or seeking management influence.

Expanding the scope of the buyback

The amended offer now targets 100% of pre-funded and stapled warrants, up from the initial 95% threshold. SkyAI will pay $3.00 for common shares and strategic warrants, while introducing a $0.17 cash payment for stapled warrants that carry a $9.75 exercise price. With approximately $223 million in cash on hand following the final sale of its SOL holdings at an average net price of $107.20, the company maintains sufficient liquidity to cover the $214.3 million maximum payout. As of the October 27 market close, SKYA shares traded at $2.91, slightly below the tender price, leaving investors to weigh the offer against the company's new, cash-only financial profile.