SkyAI Unveils Share Buyback Plan Worth Up to $201 Million

what happened

Benzinga reports that SkyAI, Inc. shares jumped in Monday’s premarket session after the company announced plans for a cash tender offer. SkyAI intends to buy back as much as 95% of its outstanding common stock and several warrant classes at $3 per share or warrant. The proposed price is 65% above the Oct. 9 close and more than twice the stock’s 60-day volume-weighted average price.

The company expects the offer to begin around Oct. 15 and remain available for 10 business days, unless it is extended or ends sooner. The transaction could include up to 46.37 million common shares and 20.72 million warrants. Investors would have to tender at least 50% of every eligible security class, while Solana must stay above $100 for the entire offer period.

SkyAI plans to finance the repurchases with cash on hand and proceeds from Solana disposals. It recently sold about 1 million Solana tokens, or half of its holdings. Approximately 1 million tokens remain, and further sales could be made in response to market conditions. The company said its cash and digital-asset holdings are enough to cover the highest possible purchase amount, so it does not need funding from outside sources. It has also paused buying shares under its current repurchase program.

Separately, SkyAI’s board unanimously turned down Forward Industries, Inc.’s latest unsolicited acquisition proposal. Forward Industries offered 0.306 of its shares for each SkyAI share, but the board said the bid undervalued the company and provided inadequate certainty regarding timing and value. Directors preferred the cash offer, which would give holders a way to sell while preserving other shareholders’ exposure to SkyAI’s long-term plans. The company will continue building its AI-driven financial platform, combining Solana stablecoin infrastructure with artificial intelligence. The tender offer has not started, and its final terms remain subject to regulatory requirements and other conditions. SkyAI was up 24.68% at $2.26 in Monday’s premarket trading.

why it matters

The proposed buyback ties SKYA’s corporate action to Solana’s price: the offer requires the token to remain above $100, while token sales are part of the planned funding mix.

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