SkyAI amends cash tender offer after settlement with Bastion Trading
SkyAI entered a tender support and settlement agreement with major shareholder Bastion Trading, under which Bastion will tender all of its common shares, pre‑funded warrants and stapled warrants. The company expanded the offer to purchase 100% of each pre‑funded warrant class and added both cash and cryptocurrency stapled warrants, raising the total cash commitment to about $214.3 million. The offer deadline was pushed to just after midnight on November 12, 2026, and the firm sold its entire Solana treasury, generating roughly $214.4 million in cash. The agreement also imposes a three‑year standstill on Bastion’s ability to acquire additional SkyAI securities or influence the board.
Why it matters
The expanded tender offer increases the cash outlay SkyAI must fund, but the company already holds about $223 million in cash, leaving a modest surplus. Investors holding SkyAI securities will have a longer period to decide whether to tender, and the standstill limits Bastion’s future activism.
Key facts
- 1Bastion Trading agreed to tender all of its SkyAI common shares, pre‑funded warrants and stapled warrants. stocktitan.net
- 2SkyAI will purchase up to 100% of each outstanding pre‑funded warrant class, up from 95%. investing.com
- 3The offer now includes up to 100% of the company’s cash stapled warrants and cryptocurrency stapled warrants. investing.com
- 4If all securities are tendered, SkyAI will pay approximately $214.3 million in cash. investing.com
- 5SkyAI sold roughly 2 million SOL at an average net price of $107.20 per token, raising about $214.4 million. crypto.news
- 6The tender offer expiration is set for just after midnight on November 12, 2026. crypto.news
Summary written by AlphAI AI Desk from 5 of 5 sources. Not investment advice. Figures are as stated by the linked sources.