SkyAI Sells 1M SOL to Fund $201M Tender Offer at $3 a Share

SkyAI (Nasdaq: SKYA) has sold about half of its Solana treasury and wants to use the money to buy back almost all of its own stock. The company announced on 11 October that it intends to tender for up to 95% of each class of its common stock and warrants at $3.00 per share in cash. The maximum cost is about $201 million.

For a SKYA shareholder, this is a cash offer at a 65% premium to the 9 October close. For a SOL holder, it shows a company that bought tokens as a treasury asset now selling them to hand dollars back to shareholders. SkyAI says it recently sold about 1 million SOL, roughly 50% of its holdings, and still holds about 1 million.

A Treasury Company Swaps SOL for Its Own Shares

The release explains how the offer will be paid for in one sentence:

"The Company expects to fund purchases pursuant to the Offer using cash on hand and proceeds from sales of SOL held in its treasury."

The premium shows how far the stock had fallen below that price. SkyAI says $3.00 is more than 100% above the 60-day volume-weighted average price of SKYA. Put simply, buyers paid on average less than $1.50 a share over that window.

The company does not say what it got for the SOL it sold. The announcement gives no average sale price and no total proceeds. It also does not split the $201 million between existing cash and token sales. It says only that current cash plus "the market value of its digital assets" exceeds the maximum purchase price. For that reason, the offer has no financing condition.

The Offer Depends on SOL Staying Above $100

The tender comes with two conditions and one timetable:

• At least 50% of each class must be validly tendered and not withdrawn.
• The price of SOL must remain "above $100 per SOL during the offer period".
• SkyAI expects to start the offer on or about 15 October and run it for 10 business days.

That second condition ties the buyback directly to the token. The company is funding a cash offer partly from a SOL position it is still selling, so a fall below $100 would put the whole tender at risk.

If the offer is fully taken up, only about 5% of each class would remain outstanding. That would be up to 46.37 million common shares and 20.72 million warrants bought back. SkyAI has also suspended its regular share repurchase program. It "will not purchase shares other than in the Offer until at least ten business days after the Offer expires."

SkyAI's Board Rejects a Share-Swap Bid From Forward Industries

The same announcement rejects an unsolicited proposal from Forward Industries (FWDI). That bid offered 0.306 FWDI shares for each SkyAI share. The board said the proposal, "with no certainty of timing or value", undervalues SkyAI and is not in shareholders' best interests.

The contrast is plain. Forward offered paper in another company. SkyAI is offering $3.00 in cash, funded in part by selling the SOL it holds.

After the tender, SkyAI says it will keep pursuing the strategic transformation it announced in May 2026. That plan is to build "an agentic AI financial platform." The release does not say how much SOL, if any, the company intends to keep for that.

The Filing Still to Come

None of this is binding yet. SkyAI says the offer "has not yet commenced and may not commence." It expects to file the formal offer documents with the SEC by 15 October. Those papers should show the exact terms, and whether the size of the SOL sales and their proceeds will be disclosed.