SkyAI Rejects Forward Bid, Launches $3/Share Tender for 95% of Stock
SKYA has more than doubled off its 52-week low of $0.91.
Summary
SkyAI is launching a cash tender offer for up to 95% of its common stock and warrants at $3.00 per share, a 65% premium to the October 9 close and over 100% above the 60-day VWAP. The offer, expected to launch October 15 and run 10 business days, has a maximum aggregate cost of about $201M and is funded by existing cash plus proceeds from selling roughly half of its Solana treasury. SkyAI retains approximately 600,000 SOL and has about 80% of the cash required for the offer. Simultaneously, the board unanimously rejected Forward Industries' unsolicited all-stock bid of 0.306 FWDI shares per SkyAI share, calling it undervalued and uncertain. This follows a months-long proxy fight where Forward urged shareholders to withhold votes and Bastion Trading disclosed a 9.99% stake. The tender gives shareholders immediate liquidity at a large premium while letting the company pivot to its AI finance platform with a reduced float. Completion hinges on at least 50% of each security class tendering and Solana staying above $100 during the offer period.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — The 8-K states SkyAI retains approximately 600,000 SOL and has about 80% of the cash required for the offer.
At the time of this announcement, SKYA was trading at $2.40 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $78.7M. The 52-week trading range was $0.91 to $6.85. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Seeking Alpha.