SkyAI Increases Buyback to $214.3 Million After Agreement with Bastion

SkyAI increased the proposed cash buyback amount to approximately $214.3 million following an agreement with major shareholder Bastion Trading, the company announced on October 27. SkyAI completed the sale of its entire Solana treasury to finance the deal.

Bastion and its affiliates will tender all common shares, prepaid and combined warrants under revised terms. The agreement includes a three-year standstill and extends the tender deadline to November 12.

The Nasdaq-listed company reported approximately $223 million in cash following the sale of about 2 million SOL. SkyAI ruled out a Solana buyback after the tender closes, concluding a treasury strategy that was previously a central part of its investment proposition.

The buyback of prepaid warrants—both cash and crypto—was increased from 95% to 100% of each class at $3.00 per warrant minus the exercise price of $0.0001. Combined warrants of both types are included for the first time: exercise price $9.75, offer $0.17 cash per warrant. Common shares and strategic warrants maintain previous terms: up to 95% of each class at $3.00 with an exercise price adjustment. All classes retain a minimum participation condition of 50%, applied independently. If fully tendered, the company will spend about $214.3 million against the previous maximum of $201.3 million; the additional $13 million is related to the inclusion of combined warrants and expanded coverage of prepaid ones.

The arrangements followed a public dispute: Bastion demanded a minimum of $3.50, arguing that $3.00 undervalues the remaining assets. In a statement on October 27, Bastion lists 4,649,745 common shares, 4,234,615 prepaid cash warrants, and 5,384,615 combined cash warrants. The company committed to tender them and not withdraw. The three-year agreement prohibits acquiring additional SkyAI securities, nominating directors, submitting shareholder proposals, and influencing management; it includes mutual waivers of claims and non-disparagement provisions.