Forward Industries, Inc. (NASDAQ: FWDI) disclosed that it submitted a non-binding proposal to acquire SkyAI in an all-stock business combination. The proposal, which expired on June 12, would have provided SkyAI shareholders with 0.367 newly issued Forward shares for each SkyAI 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.
Forward Industries stated that it pursued the transaction because it believes SkyAI’s recent pivot toward artificial intelligence has failed to close a valuation discount. The company argues that a combination would provide SkyAI shareholders with exposure to its Solana-focused treasury strategy, enhanced liquidity and a larger capital base. 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 highlights Forward Industries’ strategic focus on digital assets, particularly Solana. The company’s treasury strategy involves buying, holding, staking, trading, investing in, and growing SOL and SOL-related digital assets, protocols and businesses. Forward Industries aims to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with the Solana network, developers and related projects. The company launched its digital asset treasury strategy in September 2025 through a private placement transaction supported by industry leading investors and operating partners including Galaxy Digital and Jump Crypto.
For more information on Forward Industries’ Solana treasury strategy, visit forwardindustries.com. The latest news and updates relating to FWDI are available in the company’s newsroom at https://ibn.fm/FWDI.
