- SkyAI, Inc. (Nasdaq: SKYA), not Sky Protocol, announced the sale of all its SOL holdings.
- Its cash tender offer began on October 16, 2026 and covers up to 95% of each eligible securities class.
- The company reported approximately $223.8 million in cash as of October 16 and plans to fund the offer without borrowing.
SkyAI, Inc. (Nasdaq: SKYA) said in an October 19 announcement that it had completed the sale of all its Solana (SOL) holdings and commenced a cash tender offer on October 16. The announcement concerns the publicly traded company, not Sky Protocol, formerly MakerDAO.
According to the company's announcement and its October 19 SEC filing, the offer covers up to 95% of each class of its outstanding common stock, cash pre-funded warrants, cryptocurrency pre-funded warrants and strategic warrants. The stated purchase price is $3.00 per share or warrant, with the warrant payment reduced by the $0.0001 exercise price.
SkyAI reported approximately $223.8 million in cash as of October 16. It said it would pay for accepted securities and related fees from cash on hand, without borrowing. If fully subscribed, the aggregate purchase price would be approximately $201.3 million.
Because the company no longer holds SOL, the offer is not conditioned on SOL's price. The offer remains subject to the conditions in its tender materials, including minimum tender conditions for the relevant securities classes.
The announced deadline is one minute after 11:59 p.m., New York City time, on October 29, 2026, unless the offer is extended or terminated earlier. SkyAI said it intends for its common stock to remain listed on the Nasdaq Capital Market after the offer.
This is a corporate securities tender offer. The announcement and SEC filing do not describe a Sky Protocol governance proposal, DAO vote or MakerDAO treasury sale.
Correction, October 20, 2026: An earlier version of this article incorrectly attributed this announcement to Sky Protocol, formerly MakerDAO, and described an unsupported governance proposal. The title, summary and article have been corrected to identify SkyAI, Inc. and reflect its announcement and SEC filing. We regret the error.
