Solana Treasury Firm SkyAI Plans $201 Million Share Buyback After SOL Sale
SkyAI, a Nasdaq-listed Solana treasury firm, expects to launch a $3-per-share cash tender offer around Oct. 15.
The offer covers up to 95% of its common stock and several classes of pre-funded and advisor warrants.
The maximum purchase price is approximately $201 million.
SkyAI recently sold about 1 million SOL, roughly half its holdings, and still owns approximately 1 million SOL.
The $3 price is a 65% premium to SkyAI’s Oct. 9 closing price.
The board rejected an unsolicited stock-for-stock proposal from Forward Industries.
SkyAI, a Nasdaq-listed Solana treasury company, plans a $3-per-share cash tender offer worth up to about $201 million. The offer follows a sale of roughly half its SOL holdings.
The company said it expects to launch the offer around Oct. 15.
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SkyAI Tender Offer at a Glance
Key terms from the company:
Offer price: $3 per share in cash
Scope: up to 95% of common stock and several classes of pre-funded and advisor warrants
Maximum purchase price: approximately $201 million
Expected launch: around Oct. 15
Premium: 65% to SkyAI’s Oct. 9 closing price, and more than double its 60-day volume-weighted average price
SOL sold recently: about 1 million, roughly half its holdings
SOL still held: approximately 1 million
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Main News: SkyAI Prepares a $3 Cash Tender Offer
SkyAI said it expects to launch the cash tender offer around Oct. 15. It covers up to 95% of its common stock and several classes of pre-funded and advisor warrants.
At $3, the offer represents a 65% premium to SkyAI’s Oct. 9 closing price. It’s also more than double the company’s 60-day volume-weighted average price, according to the company.
How SkyAI Is Funding the Offer
The company said purchases would be funded with cash on hand and proceeds from selling Solana (SOL) held in its treasury.
SOL recently sold: about 1 million tokens, roughly half its holdings
SOL still owned: approximately 1 million
Further sales: possible, depending on market conditions
The offer is not subject to financing conditions. SkyAI says its cash and digital assets exceed the maximum purchase amount.
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Conditions of the Offer
The tender comes with several conditions:
Minimum tender: at least 50% of each eligible class must be tendered
SOL price: the closing price of SOL must remain above $100 throughout the offer period
Other conditions: no major market disruption, no legal order blocking the transaction, and no outcome that would cause SkyAI to lose its Nasdaq listing or Exchange Act registration
Oversubscription: if more than 95% of any class is tendered, purchases would be made on a pro rata basis
Board Rejects Forward Industries’ Proposal
SkyAI also rejected an unsolicited, non-binding proposal from Forward Industries to acquire the company in an all-stock exchange. Forward offered 0.306 FWDI shares for each SkyAI share.
SkyAI’s board unanimously concluded that the proposal undervalued the company and provided insufficient certainty around timing and value.
Solana Market Snapshot
Prices from the Bitcoin.com market ticker alongside the report:
Solana (SOL): $108.28 (-4.03%)
Bitcoin (BTC): $83,602 (-0.39%)
Ethereum (ETH): $2,527.75 (-1.41%)
Summary: Solana Treasury News
SkyAI plans a $3-per-share cash tender offer worth up to about $201 million, funded partly by Solana sales, and has rejected a stock-for-stock bid from Forward Industries.
Offer: $3 per share, up to 95% of common stock and several warrant classes
Maximum cost: approximately $201 million
Funding: cash on hand and SOL sale proceeds
SOL holdings: about 1 million sold, about 1 million still owned
Condition: SOL’s closing price must stay above $100 during the offer period
Forward Industries: unsolicited 0.306 FWDI-per-share proposal rejected
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