Forward Industries, Inc. (NASDAQ: FWDI) disclosed that it submitted a non-binding proposal to acquire SkyAI (OTC: SKYA) in an all-stock business combination, which expired on June 12 without a response from SkyAI. Under the terms of the proposal, SkyAI shareholders would have received 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. The announcement was made via a press release, which can be viewed in full at https://ibn.fm/mV42r.
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 argued that a combination would provide SkyAI shareholders with exposure to its Solana-focused treasury strategy, enhanced liquidity, and a larger capital base. Forward Industries 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 proposal underscores Forward Industries' aggressive strategy as a Solana-focused digital asset treasury company. The company's mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with Solana-related projects. In connection with a private placement transaction in September 2025, Forward launched its digital asset treasury strategy supported by industry-leading investors including Galaxy Digital and Jump Crypto. More information on the company's Solana treasury strategy is available at https://forwardindustries.com.
The implications of this announcement are significant for investors in both companies. For SkyAI shareholders, the expired proposal represents a missed opportunity to realize a premium and gain exposure to a larger treasury-backed entity. For Forward Industries, the failure to engage highlights challenges in executing its acquisition strategy, but the company remains committed to pursuing value-enhancing transactions. The news also underscores the growing trend of digital asset treasury companies using their capital to acquire undervalued firms, potentially reshaping the landscape for AI and blockchain-focused businesses.
Forward Industries' stock trades on NASDAQ under the ticker FWDI, and the latest news and updates are available in the company's newsroom at https://ibn.fm/FWDI.
