SkyAI has sold its entire Solana (SOL) position and launched a cash tender offer to buy back up to 95% of certain outstanding shares and warrants at $3 each, according to an October 19 filing with the U.S. Securities and Exchange Commission. The Nasdaq-listed company said the offer could cost about $201.3 million if fully subscribed.
SkyAI reported $223.8 million in cash as of October 16 and confirmed its Solana sales were complete by that date. The buyback is no longer conditional on the price of SOL, a change from an earlier version of the plan.
What the tender offer covers
The offer applies to certain outstanding shares and warrants, though the filing does not specify the exact class or series in the summary provided. At $3 per share or warrant, the maximum payout of $201.3 million would represent nearly all of the company's reported cash balance. The offer is scheduled to expire on October 29 unless extended or terminated earlier, and it remains subject to conditions outlined in the filing.
SkyAI's decision to drop the SOL price condition removes a key uncertainty for shareholders weighing whether to tender. Under the earlier plan, the buyback could have been tied to the value of the company's Solana holdings. With those holdings now sold, the condition no longer applies.
Why the Solana sale matters
SkyAI's Solana position was a significant part of its balance sheet, and its full liquidation gives the company cash to fund the buyback without relying on market conditions for the token. The filing does not disclose the price at which the Solana was sold or the size of the position. The company's cash balance of $223.8 million as of October 16 suggests the sale proceeds are already reflected in that figure.
By selling before launching the tender offer, SkyAI avoids the risk of a mismatch between the offer price and the value of its crypto assets. That structure could make the buyback more predictable for the company and for shareholders deciding whether to participate.
Timing and next steps
The tender offer expires on October 29. Shareholders have until that date to tender their shares and warrants, unless SkyAI extends or terminates the offer earlier. The filing states that the offer remains subject to certain conditions, though the specifics of those conditions were not detailed in the provided summary.
SkyAI's cash position of $223.8 million leaves a cushion of roughly $22.5 million above the maximum cost of the buyback, assuming full subscription. That margin could cover transaction fees and other expenses, but the company has not disclosed how it plans to use any remaining cash.
The SEC filing does not indicate whether SkyAI's management or board intends to participate in the tender offer. The company has not announced a deadline for final results or a date for announcing the outcome. Shareholders will need to decide before October 29 whether to accept the $3 per share or warrant.
