Forward Industries, Inc.

Forward Industries has sweetened its takeover offer for SkyAI, proposing a deal that would value the Solana treasury company at a 50% premium to its latest closing price. Forward said Tuesday it delivered an updated non-binding proposal to acquire all outstanding SkyAI common stock, with shareholders receiving the value of 0.306 shares of Forward Industries for each SkyAI share and 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, and Forward has asked SkyAI's board to respond by September 25, with the deal still subject to regulatory approvals and a shareholder vote. The revised bid comes one day after SkyAI publicly rejected Forward's earlier all-stock proposal, saying its independent Special Committee unanimously determined the offer was not in shareholders' best interests and reaffirming its plan to remain independent. SkyAI also defended its Solana treasury strategy, saying it held more than two million SOL with no outstanding debt, 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 push arrives three days before SkyAI's September 18 annual meeting, where shareholders will vote on five director nominees and the company's 2026 equity incentive plan, and Forward has already urged investors to withhold votes from SkyAI's entire board slate and reject the equity plan.