SkyAI Plans $201 Million Tender Offer, Rejects Forward Industries Acquisition Proposal

Odaily News: Solana treasury company SkyAI (SKYA) has announced plans to launch a cash tender offer to acquire up to 95% of its outstanding common shares and warrants at $3 per share. The tender offer covers up to approximately 46.4 million common shares and approximately 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 remain open for 10 business days, but may be extended or terminated early. Additionally, the SkyAI board of directors has rejected an unsolicited non-binding all-stock acquisition proposal from Forward Industries (FWDI). The proposal sought to exchange each SkyAI share for 0.306 shares of Forward Industries stock, but the SkyAI board believes the stock-swap proposal undervalues the company.