SkyAI Plans $3 Cash Exit for 95% of Shares Using Solana Treasury Proceeds

Nasdaq-listed firm SkyAI is preparing one of the most aggressive capital-return initiatives ever undertaken by a publicly traded crypto treasury company. The firm announced that it expects to launch a cash tender offer around October 15, offering $3 per share to purchase up to 95% of its outstanding common stock alongside several classes of pre-funded and advisor warrants.

The maximum purchase price for the transaction is approximately $201 million. At the $3 price point, the tender offer represents a staggering 65% premium to SkyAI’s closing price on October 9 and more than double its 60-day volume-weighted average price, according to the company. The move represents a major strategic pivot for the enterprise, coming on the heels of a rejected acquisition proposal and a deliberate shift in how the company manages its digital asset holdings.

SkyAI Is Selling SOL to Fund the Offer

The most striking and novel element of SkyAI’s plan lies in how the company intends to finance the massive cash payout. Rather than relying solely on traditional debt facilities or existing fiat reserves, the firm will fund the purchases using cash on hand alongside proceeds generated from the strategic liquidation of Solana tokens held within its corporate treasury.

To clear the path for the tender offer, SkyAI recently sold approximately 1 million Solana tokens, which amounted to roughly half of its total digital asset holdings. Following this substantial sale, the company still retains a sizable treasury consisting of approximately 1 million SOL tokens. Furthermore, leadership indicated that additional SOL tokens could be sold depending on prevailing market conditions and the final uptake of the tender offer.

This maneuver establishes a direct and unprecedented link between corporate crypto treasury management and direct shareholder liquidity. Instead of simply holding Solana on its balance sheet as a passive digital asset intended to capture long-term appreciation, SkyAI is actively converting a significant portion of that digital position into tangible cash to repurchase its own equity.

Crucially, the company noted that the tender offer is not subject to any external financing conditions. SkyAI management stated that the combined total of its available cash and remaining digital assets comfortably exceeds the maximum purchase amount required to fulfill the $201 million buyback, ensuring that the company has the internal resources necessary to execute the plan without leaning on third-party lenders.

SOL Must Maintain Key Price Levels

While the capital-return plan offers immediate value and liquidity to shareholders, it comes with several strict conditions and operational requirements that tie the corporate transaction directly to the broader cryptocurrency market.

For the tender offer to proceed successfully, at least 50% of each eligible class of securities must be tendered by shareholders. In addition to participation thresholds, market stability is a core requirement. The closing price of Solana must remain above $100 throughout the entire duration of the offer period.

The structure of the agreement also includes standard protective safeguards. The transaction cannot be derailed by major market disruptions, blocked by legal or regulatory orders, or result in outcomes that would jeopardize SkyAI’s standing on the Nasdaq stock exchange or its registration under the Securities Exchange Act.

If participation exceeds expectations and more than 95% of any eligible class of stock or warrants is tendered, SkyAI will execute the purchases on a pro rata basis. This intricate framework means that Solana’s market price is no longer merely an isolated portfolio metric or balance-sheet notation for SkyAI. Instead, the real-time valuation of SOL is now inextricably linked to whether the company’s ambitious capital-return initiative can proceed as planned.

Board Rejects Forward Industries Bid

The announcement of the massive share buyback coincides with a major corporate defense maneuver by SkyAI’s leadership. Simultaneously with the tender offer details, the company revealed that its board of directors unanimously rejected an unsolicited, non-binding acquisition proposal from Forward Industries.

Forward Industries had previously approached SkyAI with an all-stock exchange proposal, offering 0.306 of its own shares for each share of SkyAI common stock. However, after careful review, SkyAI’s board concluded that the bid significantly undervalued the company. Furthermore, directors expressed concerns that the proposal lacked sufficient certainty regarding both the ultimate value and the timeline of the transaction.

The contrast between SkyAI’s rejection of an external takeover and its aggressive internal restructuring is notable. While turning away an all-stock buyout from Forward Industries, SkyAI is simultaneously offering its own shareholders a premium-priced cash exit funded directly by monetizing a portion of its crypto treasury assets.

For investors and market analysts, the narrative surrounding SkyAI has evolved rapidly. The company is no longer viewed simply as a conventional corporate entity executing a straightforward Solana treasury strategy. The central question is now whether SkyAI can successfully convert its digital asset treasury into meaningful, long-term shareholder value without undermining the core balance sheet thesis that made Solana such a central pillar of the company’s identity in the first place. As the October 15 launch date approaches, market participants will be closely watching both the order books for SkyAI equity and the price charts for Solana to see how this high-stakes corporate strategy unfolds.