SkyAI plans to conduct a $201 million tender offer and has rejected the acquisition proposal from Forward Industries

SkyAI (SKYA), a subsidiary of Solana, announced plans to initiate a cash tender offer to acquire up to 95% of its issued common stock and warrants at a price of $3 per share. The tender offer involves a maximum of approximately 46.4 million shares of common stock and about 20.7 million warrants, with a total maximum acquisition amount of approximately $201 million.

The company expects to use existing cash and funds from the sale of its Solana assets to pay for the acquisition. SkyAI stated that the tender offer is expected to launch on Thursday and will last for 10 business days, but it may be postponed or terminated early. Additionally, the SkyAI board has rejected a non-binding all-stock acquisition proposal made by Forward Industries (FWDI). The proposal aimed to exchange 0.306 shares of Forward Industries stock for each share of SkyAI stock, but the SkyAI board believes that the exchange ratio undervalues the company.