defi ·
SkyAI expands cash tender to $214M after Bastion settlement, sells all SOL
SkyAI has expanded its proposed cash tender offer to about $214.3 million after reaching an agreement with major shareholder Bastion Trading, completing the sale of its entire Solana treasury to fund the transaction.
According to the company's October 27 announcement, Bastion and its affiliates have agreed to tender all their common shares, pre-funded warrants and stapled warrants under the revised offer. The agreement includes a three-year standstill and moves the tender deadline to November 12, giving other eligible investors additional time to decide whether to participate. The Nasdaq-listed company said it holds about $223 million in cash after selling roughly 2 million SOL in recent weeks.
It has ruled out repurchasing Solana once the tender closes, ending a treasury strategy that previously formed a central part of its investment proposition. The revised terms increase SkyAI's proposed purchases of cash pre-funded and cryptocurrency pre-funded warrants from 95% to 100% of each outstanding class. Their purchase price remains $3.00 per warrant, less the $0.0001 exercise price.
For the first time, the company will include its outstanding cash stapled and cryptocurrency stapled warrants. Both classes carry a $9.75 exercise price, and SkyAI will offer $0.17 in cash for each warrant tendered. Common shareholders and holders of strategic warrants will retain their existing terms.
