SkyAI plans $201 million tender offer, rejects Forward Industries acquisition proposal

BlockBeats news, October 12: Solana treasury company SkyAI (SKYA) announced plans to launch a cash tender offer to acquire up to 95% of its issued common shares and warrants at $3 per share.

The tender offer involves up to approximately 46.4 million common shares and about 20.7 million warrants, with a maximum total acquisition amount of approximately $201 million. The company expects to fund the acquisition using existing cash and proceeds from the sale of its Solana assets.

SkyAI stated that the tender offer is expected to commence on Thursday and last for 10 business days, but may be extended or terminated early. Additionally, SkyAI's board of directors has rejected an unsolicited, non-binding all-stock acquisition proposal from Forward Industries (FWDI). The proposal sought to exchange 0.306 shares of Forward Industries stock for each SkyAI share, but SkyAI's board believes the share exchange plan undervalues the company.