SkyAI (SKYA.US) is facing obstacles in advancing its $201 million tender offer plan, as investment firm Bastion Trading has suspended its participation after discovering that holdings disclosed in an 8-K filing were 400,000 tokens lower than previously announced, demanding a formal explanation from management regarding the asset anomaly.
The root cause lies in the dramatic fluctuations in the balance sheet disclosures. U.S. Securities and Exchange Commission filings show that SkyAI, Inc. (SKYA.US) saw its SOL reserves plummet from over 2 million tokens on September 14 to approximately 600,000 tokens in the latest disclosed data.
Notably, in mid-September, management claimed to hold Solana assets worth approximately $207 million through an active custodial mechanism. However, on October 11, 2026, SkyAI, Inc. (SKYA.US) announced it had liquidated nearly 1 million tokens, even though the balance sheet still showed a considerable number of similar tokens.
The 8-K filing submitted on October 13 further confirmed that the actual remaining amount was only about 600,000 SOL. Compiled data shows that this trading behavior in recent weeks severely deviated from the initial digital asset reserve strategy, leading investors to question the execution of the transactions.
The battle then escalated, with the focus shifting to buyback details and pricing disagreements. SkyAI, Inc. (SKYA.US) originally intended to use funds to repurchase approximately 95% of its outstanding shares and warrants at a cost of around $200 million, with an initial price of $3.00 per share.
However, Bastion Trading argues that this valuation harms the interests of minority shareholders and insists that to accurately reflect the value of funds raised from asset disposals, the minimum compensation price per share should be set at $3.50.
A more critical variable is the allegation of conflicts of interest. The institution demands that warrants granted to entities affiliated with the brother of SkyAI, Inc. (SKYA.US)'s Chief Investment Officer be excluded from the buyback scope, and requires disclosure of specific sale dates, quantities, transaction prices, and internal decision-making bodies.
Since the end of the third quarter of 2026, tensions between shareholders and the board have been escalating. At the annual shareholders meeting held in September, all five directors received more votes against than in favor, yet they retained their seats because the company's bylaws lack a removal mechanism.
As the official acceptance period for the tender offer approaches, the board must provide a formal response to the audit and pricing demands raised by major institutional shareholders, otherwise the acquisition process may grind to a halt.
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