# SkyAI Plans $200 Million Tender Offer After Rejecting Forward Bid

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/30118
Published: 2026-10-12T08:12:14.000Z
Updated: 2026-10-12T08:12:14.000Z
Section: Business

> The Solana treasury company plans to offer $3 per share or warrant for up to 95% of its outstanding securities starting Oct. 15.

SkyAI plans to launch a roughly $200 million cash tender offer for its shares and warrants after rejecting a nonbinding acquisition proposal from Forward Industries, intensifying a contest over the Solana treasury company.

The offer is expected to begin Oct. 15 and would seek up to 95% of SkyAI’s outstanding common shares and warrants at $3 each. The transaction covers about 46.4 million shares and 20.7 million warrants, with a maximum value of approximately $201 million.

SkyAI plans to fund the repurchases with existing cash and proceeds from selling its Solana holdings. The offer is scheduled to remain open for 10 business days, although the company may extend it or end it earlier.

The board rejected Forward Industries’ proposal to exchange 0.306 Forward shares for each SkyAI share, determining that the terms undervalued SkyAI. Based on Forward’s Sept. 14 closing price, the proposed consideration was valued at $2.13 per SkyAI share, a 50% premium to SkyAI’s closing price that day.