SkyAI has sold its entire Solana (@solana) treasury and launched a $201.3 million tender offer to buy back its own shares and warrants. The move reverses a corporate treasury strategy built a
SkyAI has sold its entire Solana (@solana) treasury and launched a $201.3 million tender offer to buy back its own shares and warrants. The move reverses a corporate treasury strategy built around $SOL.
The Nasdaq-listed company, formerly known as Sharps Technology, reported about $223.8 million in cash as of October 16, according to its SEC filing.
When SkyAI first announced the offer on October 11, it planned to make it contingent on SOL staying above $100 during the offer period, the company said at the time. That condition is gone. SkyAI has now completed the sale of all its SOL holdings, so the offer is no longer conditioned on the token's price.
The company is offering $3.00 per share or warrant in cash for up to 95% of each class of its outstanding common stock and warrants. According to SkyAI's press release, that price represents roughly 0.95 times its net asset value based on cash holdings as of October 16. The offer will expire at one minute after 11:59 p.m. New York time on October 29, unless it is extended or ended early.
The offer is funded entirely from cash on hand, without borrowing. Each class of securities is subject to a minimum condition of 50% being tendered. SkyAI's board has approved the offer but made no recommendation on whether holders should participate. The company said it intends for its common stock to stay listed on the Nasdaq Capital Market after the offer completes.
The liquidation took place over several days. In an October 14 update, SkyAI said it had sold a mix of liquid and locked SOL at an average of $107.51 per token, net of fees, with sales spread across BitGo, Anchorage and Coinbase. Earlier, the company had said it sold about 1 million Solana tokens, roughly half its holdings.
The decision also draws a line under a strategy the company adopted about a year ago, when it began accumulating SOL as a core treasury asset.
The episode adds to scrutiny of digital asset treasury companies, where share prices trading below the value of underlying holdings have pushed some firms to return capital rather than keep buying tokens. For SkyAI, converting SOL to cash has removed direct exposure to the token while it carries out the buyback.
SkyAI press release on tender offer commencement (SEC Form 8-K)
SkyAI update on net asset position and SOL sales (SEC Form 8-K)
SkyAI announcement of the initial tender offer plan (SEC Form 8-K)
