UPDATED: Forward Industries Announces Letter of Intent to Acquire SkyAI, Inc. (SKYA)
Rhea-AI Summary
Forward Industries (NASDAQ: FWDI) confirmed a non-binding all-stock proposal to SkyAI (SKYA). SKYA shareholders would receive 0.367 FWDI shares per SKYA share, implying about a 20% premium to SKYA’s prior $1.29 close, or $1.55 per share.
The proposal expired on June 12, 2026 without a response from SKYA. Forward outlines strategic benefits, including access to its Solana-focused treasury platform, which it describes as the largest Solana treasury, and broader exposure to the Solana ecosystem.
Positive
- All-stock proposal offers SKYA holders 0.367 FWDI shares per SKYA share
- Implied ~20% premium to SKYA’s $1.29 prior close, valuing shares at $1.55
- Forward highlights scale as the largest Solana treasury with staked SOL assets
- SKYA investors would gain exposure to a Solana-focused digital asset treasury platform
Negative
- Non-binding proposal expired June 12, 2026 with no response from SKYA
- No definitive agreement or active negotiations between FWDI and SKYA disclosed
- Forward characterizes SKYA shares as underperforming SOL and treasury-company peers
- Forward notes subscale treasury companies can face lower yields and negative cash flows
News Market Reaction – FWDI
In the Jun 16 session, FWDI gained 0.21%, reflecting a mild positive market reaction. Argus tracked a peak move of +14.1% during that session. Our momentum scanner triggered 20 alerts that day, indicating elevated trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jun 15 | Acquisition proposal | Neutral | +12.6% | Non-binding all-stock proposal to acquire Solana Company (HSDT), board declined. |
| Jun 15 | Acquisition proposal | Positive | +12.6% | All-stock proposal to acquire SkyAI (SKYA) at about a 20% implied premium. |
| Jun 09 | Acquisition proposal | Negative | -4.9% | Indicative all-stock offer for Brera (SLMT) rejected; outlines Solana treasury positioning. |
| May 26 | Index inclusion | Positive | +2.6% | Planned inclusion in Russell 2000 and 3000 indexes after June 29, 2026. |
| May 14 | Earnings update | Positive | -11.6% | Fiscal Q2 2026 results with buyback, cost cuts, and Galaxy Digital debt facility. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
News tied to Solana strategy or index inclusion has often seen aligned price moves, while one earnings update showed a notable negative divergence.
Over the past month, Forward Industries has repeatedly pursued all-stock acquisitions, including SkyAI (SKYA), Solana Company (HSDT), and Brera Holdings (SLMT), all intended to expand its Solana-focused treasury platform. The company is also set to join the Russell 2000 and 3000 indexes after June 29, 2026, and reported fiscal Q2 2026 results featuring a $27.4 million buyback, cost reductions, and a $40 million credit facility. Today’s SKYA proposal fits this ongoing consolidation and Solana-centric growth strategy.
Key Terms
all-stock business combination financial
liquid staking token technical
validator infrastructure technical
net asset value financial
negative cash flows financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
AUSTIN, TX, June 15, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) today confirms that it made a non-binding proposal to the Board of Directors of SkyAI, Inc. regarding an all-stock business combination under which SKYA stockholders would receive 0.367 newly-issued shares of Forward common stock for each share of SKYA common stock, representing a premium of approximately
Why Forward exists
Forward was built to advance Solana and to create value for our shareholders by offering a differentiated public-markets vehicle for exposure to SOL and the growth of the Solana ecosystem. Since launching our treasury strategy in September 2025, we have assembled the largest Solana treasury in the world, staked the majority of our SOL to our high-performance validator infrastructure, launched fwdSOL as a liquid staking token, and begun deploying capital directly into Solana protocols as an investor and liquidity provider. Forward is taking a first principles approach to fulfilling its long-term vision of becoming the Berkshire Hathaway of Solana while simultaneously reaching our short and medium-term goal of compounding SOL per share materially faster than the SOL staking rate and pushing the Solana ecosystem forward as a whole.
Why we approached SKYA
SKYA’s recent pivot toward AI appears to represent a significant departure from the Company’s historical strategy at a time when shareholders have already endured substantial value destruction. Despite the strategic shift, the market has continued to assign a deeply discounted valuation to the business, reflecting investor skepticism regarding the ability of the Company’s new direction to generate sustainable growth and shareholder returns as a standalone entity.
We believe a combination with FWDI offers a compelling alternative path forward. FWDI has established itself as a leading institutional Solana treasury platform with a clearly defined capital allocation framework, access to growth capital, and a strategy centered on increasing intrinsic value on a per-share basis. A transaction would provide SKYA shareholders with exposure to a differentiated digital asset treasury model, enhanced liquidity, greater institutional relevance, and participation in a larger, better-capitalized platform positioned to benefit from the continued growth of the Solana ecosystem.
We believe SKYA shareholders deserve the opportunity to be a part of the strategy and vision that they originally underwrote and to do so with a platform that has a proven strategy, stronger market positioning, and a clear roadmap for long-term value creation.
We made this proposal because we believe Forward is a strong partner for SKYA and its shareholders. We believe our capital structure, our scale as the largest Solana treasury, and our access to capital position us to realize and sustain the value embedded in SKYA more effectively than the company can on a standalone basis. Our proposal was designed to deliver SKYA stockholders a meaningful premium to recent trading levels, alongside continued — and we believe more liquid — exposure to Solana through Forward shares, backed by a leadership team with a demonstrated track record of execution and the support of leading operators in the digital asset industry, including Galaxy Digital and Jump Crypto.
Most importantly, we believe this combination would have advanced a mission SKYA and Forward share: accelerating the growth of the Solana ecosystem and creating durable value for the stockholders of both companies, for the builders and developers who power the network, and for the holders of SOL.
“SKYA trades at a significant discount to the net asset value of its treasury and its recent AI pivot has only exacerbated that discount with its shares meaningfully underperforming both SOL and its treasury-company peers since their pivot,” said Ryan Navi, Chief Investment Officer of Forward Industries. “In the current market environment, it can be difficult for subscale treasury companies to perform when high relative fixed operating costs cause meaningfully lower yields and negative cash flows which continue to erode shareholder value. Forward’s scale, strong balance sheet, and access to capital are precisely what a company in SKYA’s position needs to deliver on the vision it originally promised its shareholders.”
Forward-Looking Statements
Certain statements in these materials constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “intend,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including statements relating to Forward Industries’ indicative, non-binding proposal to SkyAI, Inc. and any potential transaction therefrom. Each forward-looking statement contained in these materials is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, failure to realize the anticipated benefits of the proposed digital asset treasury strategy; changes in business, market, financial, political and regulatory conditions; risks relating to Forward Industries’ operations and business, including the highly volatile nature of the price of Solana and other cryptocurrencies; the risk that the price of Forward Industries’ common stock may be highly correlated to the price of the digital assets that it holds; risks related to increased competition in the industries and markets in which Forward Industries does and will operate (including the applicable digital assets market); risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes, as well as those risks and uncertainties identified in Forward Industries’ filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this document, and Forward Industries undertakes no obligation to update or revise any of these statements.
Media Contact
comms@forwardindustries.com
Investor Relations
Elevate IR
ir@forwardindustries.com
