SkyAI (Nasdaq: SKYA, ex Sharps Technology) sold its entire Solana treasury and started a cash tender to buy itself back. The offer commenced Oct 16 and was announced Oct 19 in Exhibit 99.1, filed as 8-K on Oct 19 by SkyAI, Inc..

As of Oct 16 it holds about $223.8M in cash and zero SOL, so the earlier plan to condition the offer on SOL staying above $100 was dropped per the press release.

Terms are $3.00 cash per share or warrant for up to 95% of each class: 48,311,489 common shares plus cash, crypto and strategic warrants for a total of about 67.1M securities and about $201.3M if fully subscribed, leaving about $22.5M before fees per the filing text. The filing prices this at about 0.95x net asset value.

Each class needs at least 50% tendered to close, warrant holders can tender without exercising, and the offer expires at 11:59 p.m. New York time Oct 29 unless extended, per the 8-K.

On the sale path, SkyAI disclosed about 1M SOL sold for about $107M and said it may keep selling in its Oct 12 plan, while Lookonchain flagged 1.57M SOL moved in October with an average cost near $194 and a paper loss over $160M. Shareholder Bastion, cited at about 9.99%, called for disclosure, a board overhaul and at least $3.50 per share per WuBlockchain. The supplied summary of an average sale near $107.5 via BitGo, Anchorage and Coinbase, a $6.50 August 2025 raise price and a rejected Forward Industries bid at 0.306 FWDI per SKYA share is not repeated in the Oct 16 to 19 tender exhibits checked here, so treat those points as unverified from these filings alone.