Forward Industries Sweetens SkyAI Takeover Offer to 50% Premium

Forward Industries Sweetens SkyAI Takeover Offer to 50% Premium

Tue, September 15, 2026 at 7:31 PM GMT+3 2 min read

Forward Industries (NASDAQ: $FWDI) has raised its takeover offer for SkyAI (NASDAQ: $SKYA), proposing a deal that would value the Solana (CRYPTO: $SOL) treasury company at a 50% premium to its latest closing price.

Forward said Tuesday that it had delivered an updated non-binding proposal to acquire all outstanding SkyAI common stock. Under the new terms, SkyAI shareholders would receive the value of 0.306 shares of Forward Industries for each SkyAI share, with investors able to choose cash, Forward shares, or a combination of both.

Based on Forward's $6.95 closing price on Monday, the proposal values each SkyAI share at about $2.13, compared with SkyAI's $1.42 close. Forward has asked SkyAI's board to respond by September 25. The proposal remains subject to regulatory approvals and a shareholder vote.

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"Our updated offer reflects our conviction in the value this combination can create," said Ryan Navi, CIO of Forward Industries.

The revised bid comes one day after SkyAI rejected Forward's earlier bid publicly, reaffirming its plan to remain independent. SkyAI said its independent Special Committee had unanimously determined that Forward's all-stock proposal was not in shareholders' best interests.

SkyAI also defended its Solana treasury strategy, saying it held more than two million SOL with no outstanding debt. The company reported more than $12 million in staking revenue through June 30 and said its validator generated a 6.01% annualized gross yield over the 10 epochs ending September 8, above the 5.57% stake-weighted average across Solana validators.

The renewed takeover push arrives just three days before SkyAI's September 18 annual meeting. Shareholders are set to vote on five director nominees and the company's 2026 equity incentive plan.

Forward has already urged investors to withhold votes from SkyAI's entire board slate and reject the equity plan.

Forward shares are currently trading at $6,63 apiece, down by 4.6% today. Meanwhile, SkyAI shares are trading at $1,30 apiece, down more than 8% today.