SkyAI Announces $201M Share Buyback Funded by Solana Sales
- SkyAI plans a $3-per-share tender offer for up to 95% of its shares and warrants, totaling approximately $201 million.
- The tender offer represents a significant premium, being a 65% increase from the Oct. 9 closing price and more than double the company’s recent average price.
- Funding for this buyback will come from cash reserves and proceeds from selling about half of SkyAI’s Solana holdings, with around one million SOL still retained.
- The offer is contingent on the SOL price remaining above $100 during the tender period and other market conditions being stable.
- SkyAI’s board rejected an unsolicited acquisition proposal from Forward Industries, citing undervaluation concerns.
SkyAI is executing a strategic move by converting its Solana reserves into shareholder liquidity through a substantial share buyback plan, offering shareholders an exit at a premium rate while maintaining financial stability conditions like SOL’s market price above $100.
This strategy highlights SkyAI’s focus on maximizing shareholder value through internal capital management rather than external acquisitions, as evidenced by their rejection of Forward Industries’ bid. (Source)
