SkyAI launches $3 cash tender offer after selling its Solana treasury
SkyAI commenced a cash tender offer on October 16, 2026, offering $3 per share or warrant for up to 95% of each eligible security class. The offer expires on October 29, 2026, and could cost approximately $201.3 million if fully subscribed, funded from the company’s cash balance. SkyAI also sold its entire Solana treasury and removed the proposed SOL-price condition from the offer. Bastion Trading opposed the price and terms and requested an independent review.
Why it matters
The transaction would convert SkyAI’s Solana holdings into cash and could materially reduce the securities outstanding if completed. The offer remains subject to minimum participation requirements and other conditions, so the final amount repurchased is not yet known.
Key facts
- 1SkyAI’s offer provides $3 per share or warrant and seeks up to 95% of its common stock and warrants, with an expiration date of Oct. 29, 2026. investing.com
- 2The maximum purchase price is approximately $201.3 million, funded from cash on hand. coinmarketcap.com
- 3SkyAI reported $223.8 million in cash as of October 16. coinmarketcap.com
- 4The offer requires at least 50% participation for each class. investing.com
- 5SkyAI sold its entire Solana treasury before removing the SOL price condition from the offer. coinmarketcap.com
- 6Bastion Trading sought at least $3.50 per eligible security and an independent review of the Solana sales. en.cryptonomist.ch
Open questions
- The offer’s completion, final participation and amount purchased remain uncertain because the offer is conditional and has not expired.
Summary written by AlphAI AI Desk from 7 of 7 sources. Not investment advice. Figures are as stated by the linked sources.