Nasdaq-listed Solana treasury firm SkyAI, previously referred to as Sharps Expertise, says it has about 80% of the money required for a deliberate repurchase at $3 per share.
The supply’s anticipated circumstances embrace SOL closing above $100 all through the supply interval, topic to the corporate’s waiver rights.
In its Oct. 13 SEC submitting, SkyAI reported roughly 600,000 SOL retained. Its Oct. 11 announcement had reported roughly 1 million retained after current gross sales of about 1 million SOL, roughly half its treasury. The disclosures give reported balances with no dated breakdown of the transactions behind them.
The proposed tender, a direct repurchase from holders, would cowl as much as 95% of every specified securities class: frequent inventory, money pre-funded warrants, cryptocurrency pre-funded warrants and strategic advisor warrants.
SkyAI expects a most combination payout of roughly $201 million, topic to remaining phrases and relevant necessities.
If greater than 95% of a category is validly tendered and never withdrawn, SkyAI expects to prorate purchases inside that class. Holders would have withdrawal rights via expiration.
SkyAI expects to fund purchases with money readily available and proceeds from the SOL sale. The $201 million determine is the proposed payout ceiling, and the announcement says the supply has no financing situation as a result of money plus the market worth of its digital property exceeds the utmost buy worth.
Situations earlier than a money exit
The anticipated phrases require SOL’s closing worth to stay above $100 all through the supply interval. At the least 50% of every securities class should even be validly tendered and never withdrawn by the tip, and robust participation in a single class wouldn’t fulfill the minimal for one more.
Different anticipated circumstances cowl authorized restraints, a normal buying and selling suspension or materials antagonistic adjustments in fairness or digital-asset markets, and avoiding Nasdaq delisting or Change Act deregistration. SkyAI says it might waive these circumstances, together with the SOL worth and minimum-participation checks. Unmet circumstances might stop completion if not waived.
Money cost would finish holders’ publicity to SkyAI’s SOL treasury and working technique via securities really bought. Retained securities would hold holders uncovered to the corporate, which says it plans to maintain constructing an AI monetary platform.
SkyAI additionally mentioned its board rejected Ahead Industries’ newest nonbinding proposal as undervaluing the corporate. Ahead’s Sept. 15 proposal allowed money, shares or each at holders’ election, with worth tied to a set ratio of 0.306 FWDI shares per SkyAI share.
SkyAI bought 135,399 SOL within the first half of 2026 to assist fund operations. The deliberate tender would use treasury sources to pay shareholders and warrant holders.
SkyAI expects to start on or round Oct. 15, with a 10-business-day interval except it’s prolonged or terminated early. Definitive supply supplies would set up the ultimate phrases and procedures, and its October 13 submitting warns that the supply could by no means start.
