Solana treasury company SkyAI (SKYA) plans to initiate a cash tender offer to purchase up to 95% of its outstanding common stock and warrants at $3 per share. The proposal covers approximately 46.4 million shares and 20.7 million warrants, totaling up to $201 million. Funding will come from existing cash reserves and proceeds from selling Solana assets, with the offer expected to launch Thursday for an initial 10-business-day period. SkyAI's board simultaneously rejected an unsolicited, non-binding all-stock acquisition proposal from Forward Industries (FWDI). The board determined that the proposed exchange ratio of 0.306 Forward Industries shares for each SkyAI share undervalues the company.