Forward Industries (NASDAQ: FWDI), a leading Solana-focused digital asset treasury company, has made a non-binding proposal to acquire all outstanding shares of SkyAI, Inc. The offer, delivered in a letter to SkyAI's board of directors, values each SkyAI share at 0.306 Forward shares, implying a consideration of $2.13 per share based on Forward's closing price of $6.95 on September 14, 2026. This represents a 50% premium over SkyAI's closing price of $1.42 on the same day. The proposal allows SkyAI stockholders to elect cash and/or Forward common stock, providing flexibility in how they receive value.
Forward has requested a response from the SkyAI board by 5 p.m. Eastern time on September 25, 2026. The proposal is subject to customary conditions, including due diligence, negotiation and execution of a definitive agreement, regulatory approvals, and approval by SkyAI stockholders. There is no assurance that a transaction or definitive agreement will be completed.
The acquisition, if consummated, would mark a significant consolidation in the digital asset treasury space, particularly within the Solana ecosystem. Forward Industries has positioned itself as a key player in Solana, with a strategy to buy, hold, stake, trade, and invest in SOL and related digital assets, protocols, and businesses. By acquiring SkyAI, Forward could potentially expand its portfolio and strengthen its influence in the Solana network, accelerating its mission to grow shareholder value through ecosystem engagement.
Forward's digital asset treasury strategy was launched in September 2025 with support from industry-leading investors and operating partners, including Galaxy Digital and Jump Crypto. The company's focus on Solana aligns with the blockchain's growing prominence for its high throughput and low transaction costs. For more information on Forward's Solana treasury strategy, visit www.forwardindustries.com.
The proposed acquisition underscores the increasing interest in consolidating digital asset ventures to achieve economies of scale and drive innovation. SkyAI, though not detailed in the announcement, may bring complementary technology or market presence that Forward finds attractive. The premium offered suggests Forward's confidence in the potential synergies and its commitment to completing the deal.
Investors and market watchers will be closely monitoring SkyAI's response, as the deadline of September 25, 2026, approaches. The outcome could signal further merger and acquisition activity in the crypto and blockchain sector, particularly among companies with treasury strategies tied to specific cryptocurrencies. Forward's latest news and updates are available in its newsroom at https://ibn.fm/FWDI.
For full details of the press release, visit https://ibn.fm/2tSYu. The proposal's non-binding nature means that discussions may not lead to a definitive agreement, and stakeholders should consider the risks involved. This news highlights the dynamic nature of the digital asset industry, where strategic acquisitions can reshape competitive landscapes and drive value creation.
