PANews October 12 news: Solana treasury company SkyAI (SKYA) plans to launch a cash tender offer to acquire up to 95% of its outstanding common shares and warrants at $3 per unit. The proposed offer covers up to approximately 46.4 million common shares and approximately 20.7 million warrants, with a maximum total acquisition amount of approximately $201 million. The company expects to use existing cash and proceeds from the sale of its Solana assets to fund the acquisition. The company said the tender offer is expected to launch on Thursday, last for 10 business days, and may be extended or terminated early.
In addition, the SkyAI board of directors rejected an unsolicited, non-binding all-stock acquisition proposal from Forward Industries (FWDI); the board determined that the exchange ratio in the proposal of 0.306 shares of Forward Industries stock for 1 share of SkyAI stock undervalues SkyAI.