SkyAI, a Solana treasury company trading under the ticker SKYA, said it plans to launch a cash tender offer to buy up to 95% of its outstanding common shares and warrants at $3 per share. The offer would cover about 46.4 million common shares and roughly 20.7 million warrants, with a maximum aggregate purchase price of about $201 million. The company said it expects to fund the transaction with existing cash and proceeds from the sale of its Solana holdings. SkyAI added that the tender offer is expected to begin on Thursday and remain open for 10 business days, though it may be extended or terminated early. Separately, the company’s board rejected an unsolicited, non-binding all-stock acquisition proposal from Forward Industries, which had offered 0.306 shares of Forward Industries stock for each SkyAI share. SkyAI’s board said that exchange ratio undervalued the company.
SkyAI (SKYA), a Solana treasury company, said it plans to launch a cash tender offer to acquire up to 95% of its outstanding common shares and warrants at $3 per share.
The offer would cover about 46.4 million common shares and about 20.7 million warrants, with a maximum total purchase price of roughly $201 million. SkyAI said it expects to pay for the offer with existing cash and proceeds from the sale of its Solana holdings.
The company said the tender offer is expected to start on Thursday and remain open for 10 business days, although it could be extended or ended early.
SkyAI also said its board has rejected an unsolicited, non-binding all-stock acquisition proposal from Forward Industries (FWDI). Under that proposal, each SkyAI share would have been exchanged for 0.306 shares of Forward Industries stock. SkyAI’s board said the stock-for-stock proposal undervalued the company.
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