SkyAI sells entire Solana treasury and launches 201 million dollar buyback

SkyAI has sold its entire treasury of Solana tokens and launched a tender offer to repurchase up to 201.3 million dollars in shares and warrants, reversing its strategy of accumulating digital assets. Cointelegraph, The Block, and The Defiant all reported that the company reported holding 223.8 million dollars in cash after liquidating its holdings. [1][2][3]

The details of the liquidation were revealed in a filing with the United States Securities and Exchange Commission on October 19. According to Cointelegraph and The Block, the tender offer allows security holders to sell directly back to the firm at three dollars per share, covering up to 95 percent of each class of outstanding shares and warrants. [1][2]

The company was formerly known as Sharps Technology and previously manufactured medical devices, Cointelegraph reported. The Defiant added that SkyAI has dropped a condition that tied the tender offer to the price of Solana, though its three dollar share buyback price faces a challenge from Bastion Trading. [1][3]

According to The Block, the buyback tender offer is scheduled to run through October 29. [2]