SkyAI Plans $201 Million Buyback After Selling Half Its SOL Treasury

SkyAI plans to use proceeds from selling half of its Solana (SOL) treasury to fund a roughly $201 million buyback and reject Forward Industries’ latest nonbinding acquisition proposal.

The company recently sold approximately 1 million SOL, representing about 50% of its holdings, and held approximately 1 million SOL as of Oct. 11. It may sell additional tokens depending on market conditions.

SkyAI plans to offer $3 in cash for each eligible share or warrant, covering up to 46.37 million common shares, or 95% of its outstanding shares, and up to 20.72 million warrants. The offer would also use cash on hand.

The proposed tender offer has not begun. SkyAI expects to launch it around Oct. 15 and keep it open for 10 business days, with final materials expected to be filed with the Securities and Exchange Commission by that date.

The offer would require at least 50% of each security class to be validly tendered and withdrawn. Solana’s closing price would also need to remain above $100 throughout the offer period.

SkyAI’s board unanimously rejected Forward’s latest proposal, which offered 0.306 Forward shares for each SkyAI share, saying the exchange undervalued the company and was not in shareholders’ best interests.