SkyAI sells all its SOL and offers up to $201 million to buy back its shares and warrants

SkyAI no longer holds any SOL. The company, which The Block notes was formerly Sharps Technology, is listed on Nasdaq as SKYA. It said on Monday that it "has completed the sale of all of its SOL" and is now offering to buy back most of its own shares and warrants for cash.

The tender offer pays $3.00 for each share or warrant, for up to 95% of each class, about 67.1 million securities. If fully taken up, that would cost about $201.3 million, paid from about $223.8 million of net cash as of October 16, with no borrowing. The price is about 0.95 times the company's net asset value, based on that cash. The offer expires just after 11:59pm New York time on October 29 unless extended. Because SkyAI no longer holds any SOL, the offer is no longer conditional on the token's price.

SkyAI was the fifth-largest public Solana treasury company and said in September it held more than 2 million SOL, The Block reported. Bastion Trading, which owns nearly 10%, wants an independent review of the sales, asked for $3.50 a share and said it will not take part on these terms, The Block reported. SkyAI's board approved the offer but makes no recommendation on whether to tender. The company plans to stay listed and says it is building a platform combining stablecoin rails on Solana with AI.