Forward Industries Reveals Unanswered Proposal to Acquire SkyAI in All-Stock Transaction

Forward Industries, Inc. (NASDAQ: FWDI) disclosed that it submitted a non-binding proposal to acquire SkyAI in an all-stock business combination that would have provided SKYA shareholders with 0.367 newly issued Forward shares for each SKYA share, representing an implied value of approximately $1.55 per share and a 20% premium to SkyAI’s closing price prior to the proposal. Forward said SkyAI did not respond before the proposal expired on June 12.

Forward Industries, a Solana-focused digital asset treasury company, said it pursued the transaction because it believes SkyAI’s recent pivot toward artificial intelligence has failed to close a valuation discount. The company argued that a combination would provide shareholders with exposure to its Solana-focused treasury strategy, enhanced liquidity and a larger capital base. According to the press release, Forward has built what it describes as the world’s largest Solana treasury and believes its scale, balance sheet and access to capital would enable it to unlock greater value for SkyAI shareholders than the company could achieve as a standalone business.

The announcement underscores Forward’s aggressive strategy to expand its influence within the Solana ecosystem. The company’s mission, as stated on its website, is to buy, hold, stake, trade, invest in, and grow SOL and SOL-related digital assets, protocols and businesses. In connection with a private placement transaction in September 2025, Forward launched its digital asset treasury strategy supported by industry-leading investors and operating partners including Galaxy Digital and Jump Crypto. More information on the company’s Solana treasury strategy can be found at forwardindustries.com.

The failed acquisition attempt highlights the challenges SkyAI faces as it pivots to artificial intelligence. Forward’s proposal, which expired without a response, suggests that SkyAI may be pursuing other strategic alternatives or may not view the offer as adequate. For Forward, the move signals its willingness to use its stock as currency for acquisitions, leveraging its treasury to create value. The full press release is available at https://ibn.fm/mV42r.

Forward Industries (NASDAQ: FWDI) continues to execute its digital asset treasury strategy, focusing on Solana. The company’s latest news and updates are available in its newsroom at https://ibn.fm/FWDI. This development is significant for investors monitoring the convergence of traditional finance and digital assets, as Forward’s approach represents a novel corporate treasury strategy.