Solana Treasury Gone – SkyAI Bids for 95% of Its Stock

SkyAI, the Nasdaq-listed company formerly called Sharps Technology, sold all roughly 2,003,676 Solana tokens it held in June; reported sales averaged $107.51 per token, about 44% below its roughly $190 cost, and its treasury was entirely cash at about $223.8 million by October 15-16. The board approved a cash tender on October 11 that opened October 16, offering $3.00 per common share and $2.9999 for each of three warrant classes, capped at 95% of each class, with an October 29 expiry. Bastion Trading, which reported about 9.99% beneficial ownership, said it would not tender and sought at least $3.50. Buying 95% of every class at $3.50 would cost about $234.8 million, roughly $11 million more than SkyAI holds.