SkyAI Announces $3 Per Share Tender Offer, Rejects Forward Industries' Acquisition Proposal

According to GlobeNewswire, SkyAI (Nasdaq: SKYA) announced plans to launch a tender offer on October 15, 2026, to repurchase up to 95% of its outstanding common shares and various pre-funded warrants at a cash price of $3.00 per share and per pre-funded warrant, with a maximum aggregate purchase amount of approximately $201 million. The offer price represents a 65% premium over the October 9 closing price and a premium of over 100% over the 60-day volume-weighted average price. The tender offer period will last 10 business days, subject to conditions including a minimum 50% effective tender of each class of shares and a SOL price maintained above $100 throughout the offer period. The company will fund the purchase with cash and proceeds from the sale of SOL, for which it currently holds approximately 1 million tokens. Meanwhile, SkyAI’s board of directors rejected Forward Industries’ proposed stock swap plan of 0.306 shares of FWDI per SkyAI share, concluding that the proposal undervalues the company and is not in the best interests of shareholders.