SkyAI (NASDAQ: SKYA) Surges 37.5% on $3.00 Cash Tender Offer; Rejects Forward Industries Bid

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Crypto-Focused Asset Holding Company Surges 38% on Capital Return Plan

AllPennyStocks.com - AllPennyStocks.com - Mon Oct 12, 10:46AM CDT

A company offering to buy back nearly all of its own shares in cash, while turning down an all-stock takeover bid, sent a Nasdaq crypto-treasury name sharply higher Monday. The stock still trades below the offer price, a gap that shows how much the market is discounting the conditions attached to it.

SkyAI, Inc. (NASDAQ: SKYA) , a Solana digital asset treasury company building an AI-driven financial platform, surged after announcing it intends to launch a cash tender offer at US$3.00 per share for up to 95% of each class of its common stock and warrants. That covers up to 46.37M common shares and 20.72M warrants, for a maximum of about US$201M. The price is a 65% premium to Friday's close and more than double the 60-day volume-weighted average price. The board also rejected the latest unsolicited all-stock proposal from Forward Industries Inc. (Nasdaq: FWDI) , a Solana-focused digital asset treasury company, which offered 0.306 Forward shares per SkyAI share. At Forward's current price, that works out to roughly US$2.29 per share.

SkyAI expects to start the offer on or about October 15 and run it for 10 business days. It will fund purchases with cash on hand and sales of Solana from its treasury. The company recently sold about 1M SOL, roughly half its holdings, and still holds about 1M SOL. The offer has no financing condition, but it requires at least 50% of each class to be tendered and Solana's closing price to stay above US$100 throughout the offer period. With Solana trading near US$109, that leaves a cushion of less than 10%. The board is making no recommendation on whether holders should tender, and SkyAI has suspended its existing share repurchase program until at least 10 business days after the offer expires.

The next catalysts are the Schedule TO filing with the SEC, expected by October 15, the price of Solana during the offer window, the tender count against the 50% minimum, and any response from Forward Industries.

Shares of SKYA were up 37.5% on the Nasdaq to US$2.50 on volume of about 32.1M shares.

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