SkyAI Tender Offer: $3.00 A Share After All Solana Is Sold

SkyAI has sold every SOL it held and is now asking shareholders to sell stock back at $3.00. The SkyAI tender offer began on October 16 and runs until one minute after 11:59 p.m. New York time on October 29, according to the company's October 19 press release. If every share and warrant it wants were tendered, SkyAI would pay about $201.3 million.

Opening of the company's release. Source: SkyAI's press release, Exhibit 99.1 to its October 19 8-K.

A tender offer priced against net cash

SkyAI says it held about $223.8 million in cash on October 16 and had finished selling all its SOL. Its tender offer for up to 95% of each class is priced at $3.00. The company calls that roughly 0.95 times net asset value, using about 70.6 million shares and warrants outstanding.

Dividing $223.8 million by 70.6 million gives about $3.17 for each share or warrant, by our arithmetic. That is how $3.00 can sit just under net cash. The offer to purchase also lists the Nasdaq close on October 14 at $2.55, so $3.00 is about 18% above that day's price.

What the SkyAI tender offer covers

The offer covers four classes. Up to 48,311,489 common shares, 4,880,734 cash pre-funded warrants, 9,939,850 cryptocurrency pre-funded warrants and 3,955,293 strategic warrants are sought, each 95% of the class. Warrants are bought at $3.00 less their $0.0001 exercise price, and holders do not have to exercise them first.

Each class has a floor. Shares, strategic warrants, and the two kinds of pre-funded warrants taken together each need at least half tendered. If more than 95% of a class arrives, SkyAI buys pro rata within that class.

If more than the target arrives, SkyAI may accept up to 2% extra of a class without extending the offer. Cash on hand pays for everything. The company says the offer has no financing condition and needs no borrowing. It also says the stock will stay listed on Nasdaq afterward.

How the Solana treasury went away

The SkyAI tender offer was first announced on October 11. An 8-K filed on October 13 said the company still held about 600,000 SOL and about 80% of the needed cash. At that point the offer was to depend on SOL staying above $100.

The October 11 disclosure. Source: SkyAI's 8-K for the October 11 announcement.

By the time the offer opened, the sale was complete. The offer to purchase says SkyAI finished selling all of its SOL on October 15 and holds no digital assets. With no SOL left, the price condition was dropped, the October 19 release explains.

What SkyAI says comes next

The offer document describes the business as an agentic finance platform. It says AI will aggregate and analyze on-chain financial data to help users manage assets and reach global markets. It also reports a Hong Kong headquarters for acquisitions and hiring, and a name and ticker change announced on May 27, 2026.

On the SkyAI tender offer, neither the company nor its board recommends tendering or holding. This article reports regulatory filings and offers no advice on any security.