Forward Industries (NASDAQ: FWDI) disclosed on Monday that it submitted a non-binding proposal to acquire SkyAI in an all-stock business combination, offering SkyAI shareholders 0.367 newly issued Forward shares for each SKYA share. The proposal, which expired on June 12 without a response from SkyAI, represented an implied value of approximately $1.55 per share and a 20% premium to SkyAI’s closing price prior to the offer.
According to the press release, Forward Industries 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 asserts that its scale, balance sheet, and access to capital would unlock greater value for SkyAI shareholders than the company could achieve as a standalone business.
Forward Industries is a Solana-focused digital asset treasury company with a strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL-related digital assets, protocols, and businesses. The company’s mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with the Solana network, developers, and related projects. In September 2025, Forward launched its digital asset treasury strategy through a private placement transaction supported by industry-leading investors, including Galaxy Digital and Jump Crypto.
The failed acquisition attempt underscores the challenges faced by companies pivoting to AI in a market that remains skeptical of such moves, particularly when the acquiring company offers a distinct value proposition rooted in digital assets. Forward’s treasury strategy, which focuses on Solana, may appeal to shareholders seeking exposure to the blockchain ecosystem’s growth. The company’s proposal, while ultimately unsuccessful, highlights its commitment to growth through strategic acquisitions and its confidence in its Solana treasury as a value driver.
For more details on the proposal, visit the full press release at https://ibn.fm/mV42r. Additional information on Forward Industries’ Solana treasury strategy is available at forwardindustries.com.
