On October 12, Solana Treasury company SkyAI (SKYA) announced its plan to initiate a cash tender offer to acquire up to 95% of its outstanding common stock and warrants at $3 per share, involving approximately 46.4 million shares of common stock and about 20.7 million warrants, for a total amount of approximately $201 million. The company expects to fund this offer using existing cash and proceeds from the sale of its Solana assets. The tender offer is expected to launch on Thursday and last for 10 business days, although it may be delayed or terminated early. Additionally, SkyAI's board has rejected a non-binding all-stock acquisition proposal from Forward Industries (FWDI), which suggested exchanging 0.306 shares of Forward Industries stock for each share of SkyAI stock, as the board believes it undervalues the company.
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SkyAI Plans $201 Million Cash Tender Offer, Rejects Forward Industries Acquisition Proposal
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