SkyAI launches $3‑per‑share tender offer to repurchase up to 95% of shares, rejecting Forward bid
SkyAI announced a cash tender offer at $3.00 per share, a 65% premium to the Oct. 9 close, to buy back up to 46.37 million shares and related warrants, representing up to 95% of its outstanding securities. The offer, expected to start around Oct. 15 and run for 10 business days, will be funded by cash on hand and proceeds from sales of its Solana (SOL) treasury. The board also rejected Forward Industries’ unsolicited acquisition proposal, deeming the exchange ratio undervalued.
Why it matters
The company expects the tender to cost about $201 million and to be financed without additional borrowing, providing liquidity to shareholders and potentially supporting the share price (the company says the buyback will enhance capital structure). The rejection of Forward’s bid means SkyAI will remain independent and continue its Solana‑centric strategy.
Key facts
- 1The tender offer will purchase up to 46.37 million shares of common stock. stocktitan.net
- 2The offer price is $3.00 per share, a 65% premium to the Oct. 9 closing price. stocktitan.net
- 3The company plans to repurchase up to 95% of its common stock and three classes of warrants. crypto.news
- 4The tender is expected to begin on or about October 15, 2026 and remain open for 10 business days. stocktitan.net
- 5Funding will come from cash on hand and proceeds from Solana sales. stocktitan.net
- 6SkyAI sold roughly 1 million SOL, half its reserves, and still holds about 1 million SOL. crypto.news
Open questions
- Material 5 reports an estimated sale of 1.25 million SOL worth $138 million, while material 6 reports a sale of roughly 1 million SOL (conflict on amount sold).
Summary written by AlphAI AI Desk from 7 of 7 sources. Not investment advice. Figures are as stated by the linked sources.