The Solana treasury company, formerly Sharps Technology, has liquidated all 2,077,799 SOL on its balance sheet, a stake valued at about $218.5M, and now sits on $223.8M in cash.

The proceeds fund a cash tender offer of up to $201M at $3.00 per share for as much as 95% of its common stock and warrants. The price is a 65% premium to the October 9 close, and the offer requires at least 50% of each security class to be tendered. The company has reportedly dropped an earlier condition that SOL stay above $100 during the offer period.

SkyAI holds $223.8M in cash and zero SOL after the sale.

The buyback follows the board's unanimous rejection of an unsolicited all-stock acquisition proposal from Forward Industries, which the special committee said undervalued the company at a 0.306 exchange ratio. The sale takes one of the larger corporate SOL holders out of the Solana treasury segment, with SOL trading near $105 at the time of the report.