SkyAI rejects Forward Industries bid and sets $3-per-share tender offer

what happened

Seeking Alpha reported that SkyAI plans to acquire up to 95% of every outstanding common-stock class and several warrant categories at $3 per share. The company announced the move alongside its rejection of an unsolicited approach from Forward Industries. The proposed price is 65% above SkyAI’s October 9, 2026 closing level and more than double its 60-day volume-weighted average price.

The transaction would cover no more than 46.37M common shares and 20.72M warrants. The warrant pool includes instruments pre-funded with cash, instruments pre-funded with cryptocurrency, and warrants issued to strategic advisers. The maximum consideration is approximately $201M. The offer is expected to open on or about October 15, 2026 and remain available for 10 business days.

SkyAI says it will use cash already on its balance sheet together with proceeds from selling Solana (SOL) held in its corporate treasury. The company recently sold 1M SOL tokens, or roughly 50% of its holdings, and still has approximately 1M SOL tokens. Closing requires tenders representing at least 50% of each security class, while Solana’s spot price must stay above $100 per SOL during the offer. The transaction has full funding and no financing contingency.

The SkyAI board also unanimously turned down Forward Industries’ non-binding proposal, which called for 0.306 FWDI common shares for each SkyAI share. After an independent-director Special Committee review, directors said the all-stock deal undervalued SkyAI and involved substantial uncertainty over timing and valuation. The board said its own tender would provide shareholders with immediate liquidity while preserving participation in the company’s longer-term shift toward an agentic AI financial platform.

why it matters

The announcement links SkyAI’s capital-allocation plan to its SOL treasury and sets it against a competing takeover proposal. The outcome could affect ownership, liquidity and the company’s planned strategic transition.

instruments