SkyAI reported approximately $223.8 million in cash as of October 16 and said on October 19 that it had completed the sale of all its SOL holdings, according to its SEC filing .
The tender offer would buy back up to 95% of each class of SkyAI’s outstanding shares and warrants at $3.00 per share or warrant.
If fully subscribed, the offer could cost approximately $201.3 million. SkyAI said it is using cash on hand and that the offer has no borrowing or financing condition, making the reported cash balance the stated funding source.
Entire SOL treasury sold
The company disclosed the completed disposal of its full Solana treasury alongside its cash position, measured three days earlier on October 16. It did not state in the cited disclosure how much of the cash balance was attributable to the SOL sale.
At the maximum stated cost, the tender would consume most of the $223.8 million cash figure. The filing puts the potential outlay at approximately $201.3 million, assuming the offer is fully subscribed.
Tender covers shares and warrants
SkyAI commenced the cash tender offer on October 16.
The offer covers up to 95% of each class of the company’s outstanding shares and warrants, with each tendered security valued at $3.00.
According to SkyAI’s filing, completing the proposed purchases would not require borrowing or a financing condition.
Residual cash and shareholder challenge
The Block reported that the buyback could leave SkyAI with roughly $22.5 million before costs, broadly reflecting the difference between the company’s reported October 16 cash position and the maximum $201.3 million tender consideration; it also reported that shareholder Bastion Trading had called for a higher offer price and an independent review.
Tender deadline is October 29
The offer is scheduled to expire at 23:59:59 New York City time on October 29, 2026, unless SkyAI extends it or terminates it earlier. The expiry date sets the immediate decision window for shareholders and warrant holders considering the $3.00 cash offer.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
