Forward Industries proposed to acquire all shares of SkyAI

Forward Industries, a Nasdaq-listed company focused on Solana's digital asset treasury, announced on September 15, 2026, that it has submitted a letter to the board of SkyAI, Inc. proposing to acquire all outstanding common shares of SkyAI. Under the proposal, SkyAI shareholders can choose to receive cash and/or Forward common stock, with each share of SkyAI converted into the value of 0.306 shares of Forward stock at a fixed exchange ratio.

Based on Forward's closing price of $6.95 on September 14, 2026, the proposal corresponds to a consideration of $2.13 per share of SkyAI, representing a 50% premium over SkyAI's closing price of $1.42 on that day. The transaction is intended to be conducted through a merger or other tax-efficient combination. Ryan Navi, Chief Investment Officer of Forward Industries, stated that the updated offer reflects confidence in the value that this merger can create and requested that the SkyAI board respond by 5 PM Eastern Time on September 25, 2026.

The proposal is non-binding and is subject to customary conditions such as due diligence, definitive agreements, regulatory approvals, and approval by SkyAI shareholders, and there is no guarantee that the transaction will occur. The press release also states that it does not constitute an offer or solicitation.