SkyAI, a Nasdaq-listed company trading under the ticker SKYA, sold approximately 1 million SOL, cutting its prior holdings of around 2 million SOL in half. The firm plans to use those proceeds alongside existing cash reserves to launch a tender offer for up to 95% of its outstanding shares and warrants at $3.00 per security, totaling approximately $201 million. The offer, expected to begin around October 15, 2026, is conditional on SOL staying above $100 and at least 50% of each eligible class of securities being tendered. Following the announcement, SKYA shares surged 24.68% in pre-market trading to approximately $2.26, representing a 65% premium over the October 9 close. Meanwhile, SkyAI’s board rejected a non-binding acquisition proposal from Forward Industries, which offered an exchange ratio of 0.306 FWDI shares per SKYA share, deeming it significantly undervalued.
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