SkyAI announces $201 million cash tender offer at $3 per share, rejecting Forward Industries bid
SkyAI said it will begin a cash tender offer of about $201 million on or around October 15, 2026, buying shares and eligible warrants for $3 each. The proposal can acquire as much as 95% of each class of securities, provided at least 50% of the shares in each class are tendered and Solana’s price stays above $100 throughout the offer period. The board also turned down Forward Industries’ unsolicited acquisition proposal, calling it undervalued.
Why it matters
The tender offer gives shareholders a cash exit at a premium to recent trading levels, but completion depends on participation thresholds and the Solana price condition, which ties the transaction to cryptocurrency market performance. The rejection of Forward Industries’ bid signals SkyAI’s intent to remain independent and pursue its own AI‑financial platform strategy.
Key facts
- 1SkyAI intends to purchase up to 46.37 million common shares and 20.72 million warrants. finance.yahoo.com
- 2The maximum aggregate purchase price is approximately $201 million. finance.yahoo.com
- 3The offer price of $3.00 per share represents a 65% premium to the October 9 closing price. finance.yahoo.com
- 4The tender can acquire up to 95% of each eligible security class, subject to a minimum 50% participation requirement per class. finance.yahoo.com
- 5Completion is conditioned on Solana (SOL) remaining above $100 throughout the offer period. finance.yahoo.com
- 6SkyAI’s board unanimously rejected Forward Industries’ acquisition proposal. finance.yahoo.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.