Forward Industries, Inc. (NASDAQ: FWDI) announced on September 15, 2026, that it has delivered an updated proposal to acquire SkyAI, Inc. The proposal is structured as a cash-and-stock deal, allowing SkyAI stockholders to elect to receive cash, Forward common stock, or a combination of both.
Under the terms of the proposal, each share of SkyAI common stock would be converted into the value of 0.306 shares of Forward Industries common stock. This represents a fixed exchange ratio that will not adjust for changes in the trading price of either company's stock. Based on Forward's closing price of $6.95 per share on September 14, 2026, the implied consideration for each SkyAI share is $2.13. This price represents a 50% premium to SkyAI's closing price of $1.42 on the same date.
Forward Industries has requested a response from the SkyAI Board of Directors by 5:00 p.m. Eastern time on September 25, 2026. The proposal is non-binding and remains subject to customary conditions, including the completion of due diligence, the negotiation and execution of a definitive agreement, the receipt of required regulatory approvals, and approval by SkyAI's stockholders.
