Forward Industries, a Nasdaq-listed digital asset treasury company focused on Solana, said on September 15, 2026, that it sent a letter to the board of SkyAI, Inc. proposing to acquire all outstanding common shares of SkyAI. According to ChainCatcher, SkyAI shareholders could elect to receive cash and/or Forward common stock, with each SkyAI share valued at a fixed exchange ratio of 0.306 Forward shares.
Based on Forward Industries' September 14, 2026 closing price of $6.95, the proposal implies $2.13 per SkyAI share, a 50% premium to SkyAI's closing price of $1.42 that day. The transaction is intended to be structured as a merger or another tax-efficient combination. Forward Industries Chief Investment Officer Ryan Navi said the revised offer reflects confidence in the value the combination could create, and asked SkyAI's board to respond by 5:00 PM Eastern Time on September 25, 2026.
The proposal is non-binding and remains subject to due diligence, a definitive agreement, regulatory approvals, and approval by SkyAI shareholders. It also stated that the announcement does not constitute an offer or solicitation.