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SkyAI Reaches Settlement with Major Shareholder Bastion Trading, Supports $3-per-Share Buyback and Confirms It Has Sold All SOL

SkyAI announced on October 27 that it has reached a tender support and settlement agreement with major shareholder Bastion Trading Limited and its affiliates. Under the agreement, Bastion agreed to tender all of its common shares, pre-funded warrants and stapled warrants into the company’s amended cash tender offer, and agreed to a three-year standstill period. Bastion had previously opposed the $3-per-share buyback plan and demanded a higher price and more disclosure.

The company will amend the tender offer: it will increase the purchase ratio for pre-funded warrants from 95% to 100% for each class, and add new cash stapled warrant and crypto stapled warrant classes, with a purchase price of $0.17 per warrant. The purchase ratio for common shares and strategic warrants remains 95%, and the price remains $3 per share or per warrant. The offer expiration date has been extended to one minute after 11:59 p.m. New York time on November 12, 2026. If all securities are tendered under the amended terms, the company expects to pay about $214.3 million, funded from cash on hand, with no financing condition.

The company confirmed that, in the weeks before the offer launch, it sold about 2 million SOL at an average net fee-adjusted price of $107.20 per SOL, and currently holds about $223 million in cash. It has completed the sale of all SOL and no longer holds any SOL. After the offer is completed, the company will no longer repurchase SOL. The board has approved the offer and the amendments, but is making no recommendation on whether shareholders or warrant holders should participate.

Original sources:

  1. Title: SkyAI Enters into Tender Support and Settlement Agreement with Bastion Trading Limited; Extends Cash Tender Offer to All Pre-Funded Warrants and Includes All Stapled Warrants Publisher: SkyAI, Inc. (via GlobeNewswire) Publication date: 2026-10-27 URL: https://markets.businessinsider.com/news/stocks/skyai-enters-into-tender-support-and-settlement-agreement-with-bastion-trading-limited-extends-cash-tender-offer-to-all-pre-funded-warrants-and-includes-all-stapled-warrants-1036672864 Source type: official announcement Verification: full text read in this session; verification date 2026-10-27. Supporting content: reached a tender support and settlement agreement with Bastion, Bastion agreed to tender all of its holdings and observe a three-year standstill, amended offer terms (pre-funded warrants to 100%, stapled warrants added, expiration extended to November 12), sold about 2 million SOL at an average net fee-adjusted price of $107.20, currently holds about $223 million in cash and has sold all SOL, and will not repurchase SOL after the offer is completed.

  2. Title: Bastion Trading Limited Reaches Agreement with SkyAI for Amendments to Tender Offer and Announces That It Will Tender All of Its SkyAI Securities Publisher: Bastion Trading Limited (via GlobeNewswire) Publication date: 2026-10-27 URL: https://finance.yahoo.com/markets/stocks/articles/bastion-trading-limited-reaches-agreement-203000303.html Source type: party original post/official announcement Verification: full text read in this session; verification date 2026-10-27. Supporting content: Bastion confirmed the agreement and agreed to tender all of its common shares, pre-funded warrants and stapled warrants; supports the company’s extension of the offer to all pre-funded warrants and stapled warrants.

  3. Title: SkyAI sells off entire Solana treasury as it launches $201 million buyback Publisher: The Block Publication date: 2026-10-19 URL: https://www.theblock.co/news/business/2026-10-19-skyai-sells-off-entire-solana-treasury-launches-201-million-buyback-421037 Source type: media report Verification: visible portion read in this session; verification date 2026-10-27. Supporting content: the company has completed the sale of all SOL, holds about $223.8 million in cash, and launched a tender offer of about $201 million (background only; does not prove this settlement was completed).

  4. Title: Bastion Trading Challenges SkyAI’s Proposed Tender Offer, Demands Immediate and Full Disclosure of SOL Sales and Board Reconstitution Publisher: Bastion Trading Limited (via GlobeNewswire) Publication date: 2026-10-14 URL: https://www.globenewswire.com/news-release/2026/10/14/3380754/0/en/bastion-trading-challenges-skyai-s-proposed-tender-offer-demands-immediate-and-full-disclosure-of-sol-sales-and-board-reconstitution.html Source type: party original post Verification: visible portion read in this session; verification date 2026-10-27. Supporting content: Bastion had previously opposed the $3-per-share offer, demanded disclosure of SOL sale details and an increase to at least $3.50 (historical position, now changed to support through the agreement).

ABAB AI Insight

SkyAI (formerly Sharps Technology) was originally a publicly traded Solana treasury company and once held more than 2 million SOL. In mid-September 2026 it was still reiterating its SOL treasury strategy, but in mid-October it rapidly sold off all of its SOL, selling about 2 million SOL at an average net fee-adjusted price of about $107.20 and using the proceeds to support the cash tender offer. Major shareholder Bastion Trading, together with its affiliates, held about 9.99% of the common shares and publicly opposed the initial terms on October 14 and 21, demanding a price increase to at least $3.50, full disclosure of the SOL sales, an independent review, and a board reconstitution, and saying it would not participate. Under this agreement, Bastion agreed to tender all of its common shares, pre-funded warrants and stapled warrants, and accepted a three-year standstill period (including no additional purchases, no board nominations, and no proposals), while the company increased the purchase ratio for pre-funded warrants to 100% and included stapled warrants.

On the capital side, the company will use about $223 million in cash for the amended offer. If all securities are tendered under the terms, it expects to pay about $214.3 million, leaving only limited cash remaining. The funding source is explicitly cash on hand, mainly from the SOL sale, with no external financing condition. Through the agreement, Bastion obtained an orderly exit path, while the company secured major shareholder support to advance completion of the offer and, via the standstill period, restricted future interference by Bastion. In the announcement, the company reiterated that its business positioning is to build an agentic finance platform for the global south, and that it will no longer maintain a SOL treasury.

Compared with other digital asset treasury companies, SkyAI moved within weeks from holding more than 2 million SOL, once one of the larger holders among public companies, to zero, and clearly stated that it will not repurchase SOL after the offer is completed. Most peers still center their narrative on holding or increasing crypto assets, whereas SkyAI chose to monetize its assets to support a shareholder buyback and resolve its major shareholder dispute through agreement. This adjustment raises the coverage ratio for pre-funded warrants from 95% to 100% and includes stapled warrants, expanding the range of securities that can participate in the exit, while common shares remain capped at 95%, and a 50% minimum tender condition applies separately to each class of securities.

The settlement makes SkyAI’s cash tender offer more likely to achieve sufficient participation to complete, thereby returning most of the cash to security holders and ending the SOL treasury strategy. The company’s balance sheet shifts from being SOL-heavy to cash-heavy, and its future business will depend on the agentic finance platform it describes, rather than on digital asset holdings. Whether the offer is ultimately completed still depends on whether the actual tendered percentages for each class of securities meet the minimum conditions and whether there are further amendments before the expiration date.

ABAB News · Cognitive Laws

  1. Digital asset treasury companies can monetize their core assets within weeks and use the proceeds to support shareholder buybacks rather than continue holding them.

  2. Opposition from a major shareholder can be converted through agreement into full tendering plus a standstill period, in exchange for expanded offer terms.

  3. A clear statement that repurchased assets will no longer be bought back means the formal end of the treasury strategy rather than a temporary adjustment.