SkyAI, Inc. (NASDAQ: SKYA), a company specializing in Solana digital asset treasury services, saw its stock surge 37.5% on Monday after announcing a major capital return plan. The company intends to launch a cash tender offer at $3.00 per share for up to 95% of its common stock and warrants, covering a maximum of about $201 million. This offer represents a 65% premium over Friday's closing price and more than double the 60-day volume-weighted average price.
The tender offer, expected to begin around October 15 and run for 10 business days, will be funded by cash on hand and sales of Solana from its treasury. SkyAI recently sold about 1 million SOL, roughly half its holdings, and still holds another 1 million SOL. The offer is contingent on at least 50% of each class of shares being tendered and Solana's closing price staying above $100 during the offer period. With Solana currently trading near $109, there is a narrow cushion of less than 10%.
In a separate move, SkyAI's board rejected an unsolicited all-stock takeover proposal from Forward Industries Inc. (NASDAQ: FWDI), which offered 0.306 Forward shares per SkyAI share. At Forward's current price, this equates to roughly $2.29 per share. The board has made no recommendation on whether holders should tender their shares, and SkyAI has suspended its existing share repurchase program until at least 10 business days after the offer expires.
The next key catalysts include the Schedule TO filing with the SEC, expected by October 15, the price of Solana during the offer window, the tender count against the 50% minimum, and any response from Forward Industries.