SkyAI sells all Solana holdings as $201M buyback faces price dispute

SkyAI has sold its entire Solana treasury and launched a cash tender offer worth up to $201.3 million, offering shareholders $3 per share despite a major investor’s demand for a higher price. Summary $223.8 million in reported cash will fund an offer worth up to $201.3 million. 95% of each eligible share and warrant class is covered by the tender offer. $3 per share remains below Bastion Trading’s requested price of at least $3.50. Oct. 29 is the stated expiration date, unless the company changes the offer. SkyAI’s Oct. 19 announcement says the Nasdaq-listed company held $223.8 million in cash as of Oct. 16, when the offer began, and no longer owned any SOL. SkyAI’s Solana sales remove the $100 price condition In its latest announcement, SkyAI said the offer no longer depends on SOL’s price because it has completed its token sales. The company had initially planned a condition requiring Solana to stay above $100 during the offer period. According to the announcement, existing cash will cover accepted securities and transaction expenses, without borrowing or a financing condition. Full participation up to the stated limits would require approximately $201.3 million. Subtracting that...