Forward Industries Offers 20% Premium to Acquire SkyAI with 0.367 Shares
FWDI•Forward Industries proposed a non-binding all-stock acquisition of SkyAI, offering 0.367 shares per SKYA share—a 20% premium to the June 11 closing price, valuing each at $1.55. SkyAI failed to respond by June 12, and Forward cited its world’s largest Solana treasury and fwdSOL token as value drivers.
1. Proposal Details
Forward Industries offered an all-stock acquisition of SkyAI, proposing 0.367 shares of Forward common stock for each SkyAI share. This represents a 20% premium to SkyAI’s June 11 closing price of $1.29, valuing each share at $1.55. The proposal expired at market close on June 12 with no response from SkyAI’s board.
2. Forward’s Treasury Strategy
Since launching its treasury approach in September 2025, Forward has amassed the world’s largest Solana treasury, staked the majority of its SOL to its high-performance validator infrastructure, and introduced fwdSOL as a liquid staking token. The company has also begun deploying capital into Solana protocols as an investor and liquidity provider. This strategy aims to compound SOL per share faster than standard staking yields while advancing the Solana ecosystem.
3. SkyAI's Non-Response and Implications
SkyAI’s pivot to AI and deeply discounted valuation led Forward to propose a merger as an alternative to standalone operations. Forward argues the transaction would offer SkyAI shareholders enhanced liquidity, institutional relevance, and participation in a better-capitalized platform, potentially unlocking value that has been eroded by SkyAI’s fixed operating costs and market skepticism. The lack of engagement so far leaves the proposal’s fate uncertain but highlights strategic tensions between the two companies.
