The company plans to repurchase stock and warrants at $3 each after selling roughly half its Solana treasury and rejecting Forward Industries’ latest proposal.
Mon 12 Oct 2026 · 11:27 EDT · 3 min read
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SkyAI has sold approximately 1 million SOL, representing half its Solana treasury, as it prepares a cash tender offer worth up to $201 million for its outstanding stock and warrants.
The Nasdaq listed company intends to offer $3 per share or warrant, a 65% premium to its October 9 closing share price, according to a statement released Sunday.
The proposed price also represents a premium of more than 100% to its volume weighted average share price over the past 60 days.
SkyAI expects to launch the offer around October 15 and keep it open for 10 business days, unless extended or terminated earlier. The company plans to file the definitive offer materials with the SEC by October 15.
The proposed offer would cover up to 95% of each class of its common stock, cash prefunded warrants, cryptocurrency prefunded warrants and strategic advisor warrants. That includes approximately 46.37 million shares and 20.72 million warrants.
SkyAI said it would fund the purchases with existing cash and proceeds from sales of SOL held in its treasury. The company still holds approximately 1 million SOL and may continue selling depending on market conditions.
Its cash and digital assets currently exceed the maximum purchase price, according to the company, meaning the offer will not be subject to a financing condition.
The offer does, however, depend on SOL’s closing price remaining above $100 throughout the offer period. It also requires holders to tender at least 50% of each class of outstanding securities.
Other expected conditions include the absence of material disruptions in equity or digital asset markets and that the repurchase would not cause SkyAI to lose its Nasdaq listing or become subject to deregistration. SkyAI said it may waive the conditions.
The announcement comes as Bitcoin, Solana and the broader crypto market consolidate. Bitcoin traded near $82,800 at press time, down about 1% in the past 24 hours, while SOL traded near $108, down roughly 2.5% over the same period.
SkyAI also rejected Forward Industries’ latest unsolicited takeover proposal, which offered 0.306 FWDI shares for each SkyAI share.
A special committee of independent directors reviewed the proposal with its advisers and unanimously recommended rejecting it. The board concluded that the offer undervalued SkyAI and provided no certainty over timing or value.
SkyAI said its own tender offer would give holders seeking liquidity a way to exit while allowing remaining investors to participate in its planned transformation into an agentic AI financial platform. The company announced that strategy in May.
If more than 95% of any class of securities is tendered, SkyAI expects to accept tenders proportionally within that class. Holders will be able to withdraw their securities until the offer expires.
The company has suspended purchases under its existing stock repurchase program and will not buy shares outside the tender offer until at least 10 business days after its expiration.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.