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GlobeNewswire·

UPDATED: Forward Industries Announces Letter of Intent to Acquire SkyAI, Inc. (SKYA)

  • Forward Industries submitted a non-binding all-stock acquisition proposal to SkyAI's Board on June 15, 2026.
  • The offer stipulated 0.367 newly issued Forward shares for each SkyAI share, representing a 20% premium to SkyAI's prior closing price of $1.29.
  • SkyAI did not respond to the proposal before its expiration at the close of business on June 12, 2026.
  • Forward Industries aims to combine with SkyAI to advance the Solana ecosystem & create shareholder value through its position as the largest Solana treasury.
  • The proposal seeks to address SkyAI's value destruction following its pivot to AI, which the market views skeptically.
  • Forward's treasury includes staked SOL, the fwdSOL liquid staking token, & direct investments in Solana protocols.
  • The transaction would provide SkyAI shareholders with exposure to a larger capital structure & institutional support from partners like Galaxy Digital & Jump Crypto.
  • Forward's CIO Ryan Navi cited SkyAI's trading discount to net asset value & the erosion of shareholder value due to subscale operating costs.
  • The press release includes standard forward-looking statements regarding risks such as regulatory changes & cryptocurrency volatility.