Forward Industries, Inc. (NASDAQ: FWDI) disclosed 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 SkyAI share. This represented an implied value of approximately $1.55 per share, a 20% premium to SkyAI’s closing price prior to the proposal. Forward said SkyAI did not respond before the proposal expired on June 12.
The company pursued the transaction because it believes SkyAI’s recent pivot toward artificial intelligence has failed to close a valuation discount. Forward argued that a combination would provide shareholders with exposure to its Solana-focused treasury strategy, enhanced liquidity and a larger capital base. According to the press release, 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.
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. Its mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with Solana developers and projects. The company launched its digital asset treasury strategy in September 2025 through a private placement transaction, supported by investors including Galaxy Digital and Jump Crypto.
The unanswered proposal underscores the challenges in executing strategic acquisitions in the rapidly evolving digital asset space. For leaders in business and technology, this event highlights the importance of timely engagement in merger discussions, especially when premium offers are on the table. The failure to respond could signal strategic disagreements or internal constraints at SkyAI, potentially impacting its valuation and future direction.
For Forward Industries, the proposal reflects its ambition to expand its influence within the Solana ecosystem through acquisitions. The company’s treasury strategy, centered on Solana (SOL), positions it uniquely in the market, but the lack of response from SkyAI may force Forward to explore other opportunities to enhance shareholder value. Investors and industry observers will watch for further moves from Forward as it continues to execute its digital asset strategy.
More details on Forward Industries’ treasury strategy are available at forwardindustries.com. For additional updates on FWDI, visit the company’s newsroom at https://ibn.fm/FWDI.
