SkyAI Starts $201 Million Tender Offer, Sells All SOL

SkyAI, Inc. launched a cash tender offer Friday, Oct. 16, for up to 95% of each eligible share and warrant class, a transaction that could cost about $201.3 million and will be funded with cash on hand.

The company held about $223.8 million in cash and had sold all its Solana (SOL) as of Oct. 16. The offer pays $3 per share and $2.9999 per warrant after a $0.0001 exercise-price deduction. Eligible securities include outstanding common shares, cash pre-funded warrants, cryptocurrency pre-funded warrants and strategic warrants.

The $3 offer price implies an approximately 0.95× market net asset value multiple. SkyAI plans to remain listed on Nasdaq after the offer and is building a financial platform that combines Solana stablecoin channels with artificial intelligence.

The launch advances the company's earlier $3 tender-offer plan. The offer is scheduled to end at midnight ET on Oct. 30 (04:00 UTC), unless extended or ended earlier. Minimum tender conditions apply.