ChainCatcher report: SkyAI (SKYA), the treasury company of Solana, announced plans to launch a cash tender offer to acquire up to 95% of the outstanding common shares and warrants at a price of $3.00 per share. The tender offer could involve up to approximately 46.4 million common shares and 20.7 million warrants, with a maximum total acquisition value 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, though it may be extended or terminated early. Additionally, SkyAI’s board has rejected a non-binding, all-stock acquisition proposal voluntarily made by Forward Industries (FWDI), which offered 0.306 shares of Forward Industries stock for each share of SkyAI stock. The SkyAI board determined that this exchange ratio undervalues the company.
SkyAI to Launch $201M Share Buyback, Rejects FWDI Takeover Bid
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Summary
SkyAI announced a tender offer of $3 per share to acquire up to 95% of its shares and warrants, with a total value of up to $201 million. The offer, beginning Thursday, will remain open for 10 business days and is funded through cash and proceeds from Solana asset sales. The board rejected a takeover bid from FWDI, deeming it undervalued. Traders are analyzing the move for potential shifts in support and resistance levels, with the risk-to-reward ratio viewed as a key factor in future price movements.
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