SkyAI, Inc. (Nasdaq: SKYA) announced on October 11, 2026, its intention to commence a cash tender offer to purchase a significant portion of its outstanding securities. The company intends to buy up to 95% of each class of its outstanding common stock, cash pre-funded warrants, cryptocurrency pre-funded warrants, and strategic advisor warrants at a price of $3.00 per share.
This offer price represents a 65% premium above SkyAI's closing share price on October 9, 2026, and a premium of over 100% to the 60-day volume-weighted average price. SkyAI expects to commence the offer on or about October 15, 2026, with a duration of 10 business days, unless extended or terminated earlier.
The offer is contingent upon two specific conditions: a minimum of 50% of each class of securities must be validly tendered and not withdrawn, and the price of Solana (SOL) must remain above $100 per SOL throughout the offer period. The company has stated that it is not subject to financing conditions, as its total current cash combined with the market value of its digital assets exceeds the maximum aggregate purchase price of approximately $201 million.
Regarding funding, SkyAI intends to use cash on hand and proceeds from the sale of SOL held in its treasury. The company recently sold approximately 1 million Solana tokens, representing about 50% of its holdings, and currently holds approximately 1 million SOL tokens.
In other business news, SkyAI’s Board of Directors rejected a proposal from Forward Industries, Inc. The Special Committee of independent directors evaluated Forward’s latest unsolicited proposal, which involved an exchange ratio of 0.306 shares of Forward Industries common stock per SkyAI share. The Board determined that this proposal undervalues SkyAI and is not in the best interests of shareholders.
Shareholders and warrant holders are advised to review the definitive Offer Materials, which SkyAI expects to file with the SEC by October 15, 2026, before making any decisions regarding participation in the tender offer.
