SkyAI sells all SOL and launches $201.3 million tender offer

SkyAI said it has sold all of its Solana holdings and is using its reported cash to fund a tender offer that could buy back up to $201.3 million in shares and warrants. The company reported $223.8 million in cash as of October 16, according to its October 19 announcement. The offer sets a price of $3 for each eligible share or warrant and covers up to 95% of eligible securities. It is scheduled to expire October 29 unless SkyAI changes the terms. At full subscription, the maximum purchase would leave about $22.5 million from the reported cash balance before transaction costs and other cash changes. SkyAI said the offer no longer depends on Solana’s price staying above $100 because it has completed its sales of SOL, the cryptocurrency’s token. The company’s offer materials say existing cash will fund accepted securities and related expenses, without borrowing or a financing condition. Bastion Trading, which said it beneficially owns about 9.99% of SkyAI’s common stock, has challenged the terms. In an October 14 statement, the investor requested a tender price of at least $3.50, independent oversight of the process and a review of the SOL sales. Bastion also asked that strategic...