SkyAI sells its SOL reserve and launches a securities tender offer

The SOL reserve has been liquidated

SkyAI, the Nasdaq-listed company previously known as Sharps Technology, says it has sold all its SOL. In its announcement dated 19 October 2026 and filed with the SEC, it reports approximately $223.8 million in cash as of 16 October. It has launched a cash tender offer for up to 95% of each relevant category of securities, including common shares and several types of warrants. The total amount could reach approximately $201.3 million if the offer is fully subscribed.

The company plans to finance purchases and associated expenses from available cash, without a financing condition or borrowing required for the transaction. The announced deadline is one minute after 23:59 New York time on 29 October 2026, unless extended or terminated early. This wording describes an ongoing, conditional offer. It does not permit the maximum amount to be presented as a distribution already completed or establish that every tendered security will necessarily be purchased.

A capital transaction rather than a payment to SOL holders

The potential beneficiaries are holders of the SkyAI securities covered by the documents, rather than SOL holders generally. Selling a treasury asset and repurchasing securities are separate operations. Selling the treasury asset changes the composition of the assets recorded on the company's balance sheet. The subsequent repurchase uses the company's resources to acquire financial instruments that it has itself issued. Combining them does not create a repayment entitlement for someone who simply owns Solana tokens in a wallet or on an exchange.

The procedures for participating in a voluntary tender offer must also be distinguished from those involved in simply buying or selling a security through an ordinary trade on a stock exchange. It rests on a documented price, timetable, categories of securities and conditions. The announcement specifies that warrants may be tendered directly, without first converting them into shares, under the prescribed procedures. Holders must therefore identify the exact category of their instrument. The announced nominal price alone is insufficient to calculate each payment: the documents specify, among other matters, the treatment of warrant exercise prices and any applicable withholding.

Results depend on the securities actually tendered

SkyAI states that the offer is no longer conditional on SOL's price because its treasury no longer holds the token. Minimum tender conditions nevertheless remain for the groups of securities described in the documents. If more than the targeted proportion is tendered for a category, a proportional allocation mechanism is provided. These arrangements limit what holders can infer from the overall ceiling alone: the final amount will depend on valid tenders, any withdrawals and satisfaction of the conditions for each part.

The company says it intends to continue developing a financial platform combining stablecoin infrastructure on Solana with artificial intelligence. This business intention must be separated from directly holding the network's native token: using infrastructure and keeping its asset in a treasury are different strategies. The offer results and subsequent financial publications will show the purchases actually executed, remaining cash and resources allocated to developing the project.