SkyAI rejects Forward Industries bid, plans $3.00/share tender offer for up to 95% of shares

SkyAI (SKYA) announced plans to commence a cash tender offer to purchase up to 95% of each class of its outstanding common stock and various warrant classes at $3.00 per share, while simultaneously rejecting an unsolicited acquisition proposal from Forward Industries (FWDI).

The $3.00 per share purchase price represents a 65% premium over SkyAI’s closing price on October 9, 2026, and an over 100% premium to its 60-day volume-weighted average price (VWAP).

The offer covers up to 46.37M common shares and 20.72M warrants (including cash pre-funded, cryptocurrency pre-funded, and strategic advisor warrants), representing a maximum aggregate purchase price of approximately $201M.

The offer is expected to launch on or about October 15, 2026, and run for 10 business days.

SkyAI will fund the buyback using existing cash on hand and proceeds from sales of Solana (SOL) held in its corporate treasury. The company recently liquidated 1M SOL tokens (~50% of its holdings) and retains approximately 1M SOL tokens.

Completion is subject to a minimum 50% tender threshold for each security class, as well as the spot price of Solana remaining above $100 per SOL throughout the offer period. The transaction is fully funded and not subject to financing contingencies.

In the same announcement, SkyAI’s Board of Directors unanimously rejected an unsolicited, non-binding takeover proposal from Forward Industries (FWDI). The proposal offered an exchange ratio of 0.306 FWDI common shares per SkyAI share.

Following a review by a Special Committee of independent directors, the Board determined that the all-stock offer undervalued SkyAI and carried significant timing and valuation uncertainties.

The Board concluded that the self-tender offer provides immediate, superior liquidity for shareholders while allowing ongoing investors to participate in the company's long-term pivot toward an agentic AI financial platform.