Third Eye Supports Bastion Trading's October 21 Call for Improved SkyAI Tender Terms

Rhea-AI Summary

Key Figures

Requested tender price: 100% of net asset value Tender coverage: 95% to 100%

Requested tender price

100% of net asset value

Third Eye's requested revised offer term

Tender coverage

95% to 100%

Requested expansion of coverage for common shares and pre-funded warrants

Historical Context

1 past event · Latest: Oct 19

1 event

1. Oct 19

   Tender offer launch

   24h Move

   +5.3%

   Established the existing offer's $3.00 price, 95% class caps and proportional acceptance above the cap.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

net asset value, pre-funded warrants, pro rata

3 terms

net asset value financial

"Increase the tender price to full net asset value."

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

View in glossary

pre-funded warrants financial

"100% of net asset value attributable to common shares and pre-funded warrants"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

pro rata financial

"should instead be returned pro rata to existing common shareholders"

Pro rata means dividing or distributing something proportionally based on a specific factor, such as ownership or contribution. For example, if an investor owns 10% of a company, they would receive 10% of any dividends or benefits allocated. This approach ensures everyone gets their fair share relative to their stake or input, helping investors understand how benefits, costs, or responsibilities are fairly shared.

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• Increase the tender price to 100% of net asset value
• Cancel the strategic advisor warrants and return the value pro rata to investors
• Expand the tender offer from 95% to 100% of common shares and pre-funded warrants
• Provide transparency on the Board's oversight of the SOL treasury liquidation and tender process

NEW YORK, Oct. 21, 2026 /PRNewswire/ -- Third Eye, one of the largest shareholders of SkyAI, Inc. (Nasdaq: SKYA), today expressed support for Bastion Trading's October 21, 2026 call for improved tender offer terms for SkyAI shareholders and pre-funded warrant holders.

Third Eye believes the Board should revise the offer to return fair value to investors following the liquidation of the Company's SOL treasury. Specifically, Third Eye calls for three changes:

Increase the tender price to full net asset value.
The tender price should reflect 100% of net asset value attributable to common shares and pre-funded warrants, rather than the approximately 0.95x mNAV stated by the Company. SkyAI should publish an updated calculation clearly identifying its cash, liabilities, transaction expenses and applicable security count, adjusted to reflect cancellation of the strategic advisor warrants.

With the SOL treasury liquidated, Third Eye believes investors should receive their proportionate share of the remaining net assets without an additional discount.

Secure forfeiture of the strategic advisor warrants and distribute the resulting value pro rata to investors.
Third Eye calls on the holders of the strategic advisor warrants to surrender those warrants for cancellation without payment, and on the Board to exclude them from the tender offer.

The cash otherwise allocated to purchasing those warrants should instead be returned pro rata to existing common shareholders and pre-funded warrant holders, on a common-equivalent basis, through increased tender consideration or an equivalent distribution. The economic benefit of cancellation should flow to those investors. Third Eye is very focused on this point being resolved in an amicable manner but is willing to litigate this to the maximum extent if necessary.

Expand the tender offer from 95% to 100%.
SkyAI should expand the offer to cover 100% of outstanding common shares and each class of pre-funded warrants, allowing investors who wish to exit to tender their entire position without proration caused by the current 95% cap.

Investors should not be required to retain a residual stake after the Company has liquidated the treasury assets underlying their investment.

Third Eye's position is straightforward: return full net asset value, redirect the value allocated to strategic advisor warrants to existing investors, and provide a complete exit opportunity.

Third Eye supports Bastion Trading's call for better tender economics and urges the Board to engage promptly with shareholders, amend the offer and provide sufficient time for investors to evaluate the revised terms. Third Eye remains available for constructive discussions aimed at achieving a fair outcome for common shareholders and pre-funded warrant holders.

Scrutinize the Board's conduct.
Third Eye also supports Bastion Trading's call for director accountability and intends to scrutinize the conduct of SkyAI's Chairman and directors in overseeing the SOL treasury liquidation, approving the tender offer and determining the treatment of strategic advisor warrants. The Board should provide a transparent account of its decision-making, the independent oversight exercised, the handling of potential conflicts of interest and any benefits received by insiders or related parties. Common shareholders and pre-funded warrant holders deserve a clear explanation of how their interests were protected.

About Third Eye
Third Eye is a New York and Dubai based investment firm. The firm manages a liquid discretionary strategy trading crypto assets and public equities, alongside a special situations strategy targeting bankruptcy claims, distressed and illiquid assets, and other event-driven opportunities across the digital asset ecosystem.
For more information, visit www.third-eye.co.

Media and Investor Contact
contact@third-eye.co 

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SOURCE Third Eye