SkyAI Plans $3 Cash Tender Offer for Up to 95% of Shares

SkyAI plans to launch a $3-per-share cash tender offer for up to 95% of its outstanding common stock and related pre-funded warrants, placing the maximum transaction value at about $201 million.

The Nasdaq-listed Solana treasury firm expects to begin the offer around Oct. 15. The proposed price is also $3 for each pre-funded warrant included in the offer.

SkyAI plans to use existing cash and proceeds from selling its SOL holdings to fund the purchases. The company has not completed the tender offer; it has announced plans to start the process.

The board also rejected a nonbinding all-stock acquisition proposal from Forward Industries. That proposal would have offered 0.306 FWDI shares for each SkyAI share. SkyAI’s board determined that the proposal undervalued the company.

The planned cash offer and the rejected stock proposal represent competing paths for SkyAI shareholders, with the tender process expected to begin around Oct. 15.