SkyAI launches $201.3 million buyback after liquidating Solana holdings
Key Facts
SkyAI launched a cash tender offer for its shares and warrants on 16 October 2026, worth approximately $201.3 million if fully subscribed, according to a company announcement. It set the announced price at $3.00 per share or warrant, before deducting the warrants' exercise price. The company said it had completed the sale of its entire Solana holdings, exiting its position in the cryptocurrency. The offer launched without a condition tied to Solana's price, although such a condition had been expected when the company announced its intention to make the offer. The company attributed the absence of the condition to the fact that it no longer held the cryptocurrency.
The company's cash balance stood at about $223.8 million as of 16 October 2026, according to the announcement launching the offer. In an earlier disclosure, it had reported holding about $204.6 million in cash as of 14 October 2026. At that time, it still held approximately 210,000 restricted Solana tokens, before announcing that it had completed the sale of its holdings. The offer document filed with the U.S. Securities and Exchange Commission states that the buyback is not subject to a financing condition. The offer price represents approximately 0.95 times net asset value, according to the company's calculation in the document.
The offer seeks to purchase up to 95% of each eligible class of securities, according to the company's announcement and regulatory filings. The common stock portion covers the purchase of up to 48,311,489 shares from participating shareholders. It also covers up to 4,880,734 cash-funded pre-funded warrants, in a separate class from the common shares. The targeted securities also include up to 9,939,850 cryptocurrency-funded pre-funded warrants. The buyback further extends to up to 3,955,293 strategic warrants, according to the quantities specified in the offer filing with the U.S. regulator.
The full liquidation follows SkyAI's statement in September that it held more than 2 million Solana tokens. It had described the cryptocurrency as its primary treasury reserve asset in its response at the time to Forward Industries. It also said in that statement that it had no outstanding debt. SkyAI was previously known as Sharps Technology, before announcing a change to its name and brand identity. Its transformation included a shift from manufacturing medical devices to a platform combining stablecoins, artificial intelligence and emerging markets, according to the name-change announcement.
Against the backdrop of the buyback, SkyAI's board rejected the latest proposal from Forward Industries, according to the announcement of its intention to launch the offer. The board said the proposal "undervalues SkyAI and is not in shareholders' interests." Alongside returning capital, the company says it continues to build a financial platform powered by AI agents. Under the conditions for accepting tenders, the share portion requires at least 50% of the shares targeted by the offer to be tendered, according to the offer document. An exercise price of $0.0001 is deducted from the consideration payable for each eligible warrant, according to the regulatory filing.
The offer is scheduled to expire on 29 October, according to the date the company announced in its earlier disclosure. That date was set before the offer launched in October. Participants may withdraw tendered securities until the offer expires, according to the company's announcement on withdrawal rights. The broker holding an investor's shares may set a participation deadline ahead of the offer's expiration date, according to the terms document. The deadline for submitting a tender through a broker may therefore fall before the company's final deadline for accepting securities.