SkyAI Plans Cash Tender Offer to Acquire Up to 95% of Shares at $3 Each
SkyAI (SKYA), the treasury company of Solana, announced plans to initiate a cash tender offer to acquire up to 95% of its issued common stock and warrants at a price of $3 per share.
The offer involves approximately 46.37 million shares of common stock and about 20.72 million warrants (cash pre-sale, crypto pre-sale, and strategic advisor warrants), with a total maximum amount of approximately $201 million; the price represents a 65% premium over the closing price on October 9 and a premium of over 100% compared to the 60-day volume-weighted average price.
The company expects to use existing cash and proceeds from the sale of its Solana assets to fund the payment, with no financing conditions; the offer is expected to launch around October 15, lasting for 10 business days, and may be extended or terminated early, and has not yet officially started.
The board has rejected a non-binding all-stock acquisition proposal from Forward Industries (FWDI), which proposed to exchange 0.306 shares of FWDI stock for each share of SkyAI stock; the board believes this proposal undervalues the company and is not in the best interest of shareholders.
The company previously held over 2 million Solana as its main treasury asset and earned income through staking, having recently sold about 1 million; the offer conditions include at least 50% participation from all categories, and if the closing price of Solana remains above $100 during the offer period, the company may waive some conditions.
Market mechanism: The company plans to repurchase shares by selling Solana assets, converting crypto assets into cash and reducing the circulating supply; shareholders can choose to exit at a premium, while rejecting the external all-stock acquisition keeps control with the existing board; fluctuations in Solana's price affect funding adequacy, with buyer funds coming from asset liquidation, while external acquirers face the target company actively shrinking its balance sheet.
Source: Public information
ABAB AI Insight
SkyAI initiated its Solana treasury strategy in 2025, earning income through staking while holding cash and stablecoins, and has previously rejected multiple acquisition proposals from Forward Industries; Forward, as a larger Solana treasury company, continues to propose all-stock merger plans to SkyAI, Solana Company, etc., attempting to consolidate assets within the ecosystem.
In terms of capital strategy, SkyAI plans to sell part of its Solana holdings to provide cash for the tender offer while repurchasing most shares and warrants at a premium, significantly reducing the circulating supply; the motivation is to provide liquidity to shareholders and reject the perceived undervalued exchange proposal while maintaining independent operations and an AI financial platform strategy.
Similar cases include other crypto treasury companies adjusting their capital structure through repurchases or asset sales when market prices are below net asset values, as well as traditional companies using their own funds to repurchase shares in the face of hostile takeovers; the current Solana treasury sector is in a phase of attempting integration while maintaining independent operations.
Essentially, this involves capital concentration and the transfer of pricing power. Treasury companies convert underlying asset values into shareholder cash through the monetization of assets while compressing circulating shares; external acquirers attempt to gain control and assets through stock exchanges, while target companies reprice and reject cash offers, determining asset control and shareholder exit paths.
ABAB News · Cognitive Law
Monetization of underlying assets can directly translate into cash returns for shareholders
Premium repurchases compress the circulating supply, while external stock exchanges dilute control
The value of treasury companies ultimately depends on asset prices and exit methods