Key Takeaways
SkyAI plans a $3 tender offer for up to 95% of shares and warrants, funded partly by SOL sales.The move turns solana reserves into shareholder liquidity after rejecting Forward Industries’ bid.SkyAI’s tender now depends on SOL holding above $100 without weakening its remaining crypto reserves.
SkyAI Offers $3 Cash Exit for 95% of Shares
SkyAI is preparing one of the more aggressive capital-return moves yet by a crypto treasury company.
The Nasdaq-listed firm said it expects to launch a $3-per-share cash tender offer around Oct. 15, covering up to 95% of its common stock and several classes of pre-funded and advisor warrants.
The maximum purchase price is approximately $201 million.
At $3, the offer represents a 65% premium to SkyAI’s Oct. 9 closing price and more than double its 60-day volume-weighted average price, according to the company.
SkyAI Is Selling SOL to Fund the Offer
The most striking part of the plan is how SkyAI intends to finance it.
The company said purchases would be funded with cash on hand and proceeds from sales of SOL held in its treasury. SkyAI recently sold about 1 million solana tokens, roughly half of its holdings, and still owns approximately 1 million SOL.
It may sell more depending on market conditions.
That makes the tender offer a direct link between crypto treasury management and shareholder liquidity. Instead of simply holding SOL as a balance-sheet asset, SkyAI is converting part of that position into cash to repurchase equity.
The offer is not subject to financing conditions because SkyAI says its cash and digital assets exceed the maximum purchase amount.
SOL Must Stay Above $100
The tender comes with several important conditions.
At least 50% of each eligible class must be tendered. The closing price of SOL must also remain above $100 throughout the offer period.
Other 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.
The structure means solana’s market price is not just a portfolio issue for SkyAI. It is now directly tied to whether the capital-return plan proceeds as intended.
Board Rejects Forward Industries Bid
At the same time, SkyAI rejected Forward Industries’ unsolicited, non-binding proposal to acquire the company through an all-stock exchange. Forward offered 0.306 FWDI shares for each SkyAI share.
SkyAI’s board unanimously concluded that the proposal undervalued the company and provided insufficient certainty around timing and value.
The contrast is notable.
SkyAI is rejecting an external takeover while offering shareholders a premium-priced internal exit funded partly by selling crypto assets.
For investors, the story is no longer simply about a solana treasury strategy. It is about whether SkyAI can turn that treasury into shareholder value without undermining the balance-sheet thesis that made SOL central to the company in the first place.
