The proposal allows SkyAI shareholders to convert their holdings into 0.306 shares of Forward or opt for cash. This move replaces an expired June offer of 0.367 shares, which Forward claims SkyAI ignored. Chief Investment Officer Ryan Navi stated the company is prepared to move quickly, setting a September 25 deadline for a board response. The bid follows Forward’s public campaign urging SkyAI shareholders to reject the firm's equity incentive plan and withhold support for director nominees at an upcoming meeting.
In section Market Quotes
Forward Industries Dips as SkyAI Acquisition Bid Returns
Investors pushed Forward Industries shares down 9% to $6.33 Tuesday following a renewed attempt to acquire SkyAI. The offer, priced at $2.13 per share, marks a 50% premium over Monday’s closing values, yet the market response suggests skepticism regarding the company's aggressive pursuit of the Solana treasury firm.
SkyAI maintains that its current digital asset treasury strategy remains superior to a merger. The board argues that remaining independent offers a stronger path for long-term value than the acquisition terms proposed by Forward. With the stock down 4.3% year-to-date, the pressure on SkyAI’s leadership to justify its standalone strategy has intensified as the deadline for engagement approaches.
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