SkyAI sells half of its SOL treasury, plans $201M buyback

SkyAI, Inc. (Nasdaq: SKYA) has sold roughly half of its Solana holdings. It now plans to use that cash to buy back nearly the entire company from its own investors. The Nasdaq-listed firm announced a cash tender offer of $3.00 per security. It covers up to 95% of its outstanding common shares and three classes of warrants, for a total of approximately $201 million. The details of the offer The tender offer is set to commence around October 15, 2026. It will run for 10 business days, and the company may extend it or end it early. The offer comes with conditions. At least 50% of each eligible class of securities must be tendered for the deal to move forward. If holders of any one class do not show up in sufficient numbers, the offer for that class does not proceed. The offer is expected to require that SOL’s closing price stays above $100 for the duration of the offer period. Funding comes from two sources: SkyAI’s existing cash reserves and proceeds from its recent SOL sales. The company sold approximately 1 million SOL, cutting its prior holdings of around 2 million SOL in half. Its cumulative SOL activity totals about 1.25 million SOL, valued at nearly $138 million. SkyAI shares j...