SkyAI Plans $201 Million Tender Offer, Rejects Forward Industries Proposal

SkyAI (SKYA) plans to initiate a cash tender offer to acquire up to 95% of its outstanding common stock and warrants at a price of $3 per share. The tender offer involves up to approximately 46.4 million shares of common stock and about 20.7 million warrants, with a maximum total acquisition amount of approximately $201 million. The company expects to use existing cash and proceeds from the sale of its Solana assets to fund the acquisition. The tender offer is expected to launch on Thursday and last for 10 business days, but it may be extended or terminated early. Additionally, the SkyAI board has rejected a non-binding all-stock acquisition proposal from Forward Industries (FWDI), which proposed to exchange 0.306 shares of Forward Industries stock for each share of SkyAI stock, as the board believes this exchange undervalues the company.

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