SkyAI risks SEC offer failure if SOL falls under $100
SkyAI, the Nasdaq-listed Solana treasury company formerly known as Sharps Technology, says it has about 80% of the cash needed for a proposed tender offer to repurchase up to 95% of each specified share and warrant class at $3 per security, with a maximum payout of about $201 million. Funding would come from cash on hand and SOL sales. Expected conditions include SOL closing above $100 throughout the offer and at least half of each class being tendered, though the company may waive conditions. SkyAI reported holding about 600,000 SOL in an Oct. 13 filing, after an earlier disclosure cited roughly 1 million. The offer may not proceed; final terms are pending. Its board also rejected a nonbinding acquisition proposal from Forward Industries as undervaluing the company.
