SkyAI Enters into Tender Support and Settlement Agreement with Bastion Trading Limited; Extends Cash Tender Offer to All Pre-Funded Warrants and Includes All Stapled Warrants
SkyAI entered a tender support and settlement agreement with major stockholder Bastion Trading, which agreed to tender all of its shares and warrants into the company's amended cash tender offer, subject to a three-year standstill. The amended offer expands coverage to 100% of pre-funded warrants (up from 95%) and adds both classes of stapled warrants at $0.17 each; common stock and strategic warrants remain at $3.00 per unit for up to 95% of each class. If fully subscribed, SkyAI will pay approximately $214.3 million from cash on hand (currently ~$223 million), with a 50% minimum tender condition per class and expiration on November 12, 2026.
Key figures
- Deal Value Usd
- $214.3 million
- Offering Price
- $3.00 per share/pre-funded warrant (less $0.0001 exercise price); $0.17 per stapled warrant
- Sol sold
- approximately 2 million SOL at average net price of $107.20
- Cash on hand
- $223 million
- Offer expiration
- November 12, 2026, 11:59 p.m. ET (one minute after 11:59 p.m.)
- Standstill period
- three years
- Minimum subscription
- 50% per class, independent per class
- Prefunded warrant coverage
- 100%, up from 95%
- Stapled warrant exercise price
- $9.75
- Common stock and strategic warrant coverage
- 95% at $3.00
AI analysis
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