Forward Industries, Inc. (NASDAQ: FWDI), a Solana-focused digital asset treasury company, has delivered a letter to the board of directors of SkyAI, Inc. proposing to acquire all issued and outstanding shares of SkyAI common stock. According to the announcement, SkyAI stockholders could elect to receive cash and/or Forward common stock, with each SkyAI share valued at 0.306 Forward shares. Based on Forward’s closing price of $6.95 on September 14, 2026, the proposal implies a consideration of $2.13 per SkyAI share, representing a 50% premium to SkyAI’s $1.42 closing price that same day.
Forward has requested a response from the SkyAI board by 5 p.m. Eastern time on September 25, 2026. The proposal is non-binding and subject to customary conditions, including due diligence, negotiation and execution of a definitive agreement, required regulatory approvals, and approval by SkyAI stockholders. There is no assurance that a transaction or definitive agreement will be completed.
The proposed acquisition, if consummated, would mark a significant expansion for Forward Industries, which launched a digital asset treasury strategy in September 2025 with support from industry-leading investors and operating partners including Galaxy Digital and Jump Crypto. Forward’s mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with, providing tools to, and investing in the Solana network, Solana developers, and Solana-related projects in order to increase shareholder value.
For the Long Beach, California area and surrounding region, this news highlights the growing intersection of traditional corporate finance and digital asset innovation. While neither company is headquartered in Long Beach, the deal underscores the broader trend of blockchain-focused businesses attracting significant investment and strategic consolidation. Local investors and technology professionals may take note of the premium offered, which signals strong confidence in SkyAI’s value proposition and the potential for further mergers and acquisitions in the digital asset space.
Industry implications are substantial. A successful acquisition could accelerate Forward’s position as a leading Solana treasury company, potentially increasing its influence over the Solana ecosystem. The premium also sets a benchmark for valuations of similar companies, which could spur additional deal activity. However, the non-binding nature of the proposal means that uncertainty remains, and market watchers will be keenly observing the SkyAI board’s response by the September 25 deadline.
For more information on the Company’s Solana treasury strategy, visit www.forwardindustries.com. The latest news and updates relating to FWDI are available in the company’s newsroom at https://ibn.fm/FWDI. To view the full press release, visit https://ibn.fm/2tSYu.
