SkyAI is preparing a $201 million share buyback, financing the aggressive capital return through cash on hand and sales of its solana treasury. The Nasdaq-listed firm expects to launch a $3-per-share cash tender offer around October 15, covering up to 95% of its common stock and warrant classes.
The $3 offer price represents a 65% premium to SkyAI's October 9 closing price and more than double its 60-day volume-weighted average price. The company said it is not subject to financing conditions because its cash and digital assets exceed the maximum purchase amount.
SkyAI recently sold approximately 1 million solana tokens, roughly half of its treasury holdings, and still owns approximately 1 million SOL. The company may sell additional SOL depending on market conditions to fund the tender offer.
Conditions Tied to Solana Price
The tender offer includes several important conditions. At least 50% of each eligible share class must be tendered for the offer to proceed. The closing price of SOL must also remain above $100 throughout the offer period.
Additional conditions include no major market disruption, no legal order blocking the transaction, and no outcome that would cause SkyAI to lose its Nasdaq listing or Exchange Act registration. If more than 95% of any class is tendered, purchases would be made on a pro rata basis.
Board Rejects External Bid
SkyAI's board unanimously rejected an unsolicited, non-binding acquisition proposal from Forward Industries. Forward offered 0.306 FWDI shares for each SkyAI share. The board concluded that the proposal undervalued the company and provided insufficient certainty around timing and value.
The decision reflects a contrasting strategy: SkyAI is rejecting an external takeover while offering shareholders a premium-priced internal exit funded partly by converting its crypto treasury into cash.
