Forward Industries raises SkyAI offer to 50% premium, but deal remains non-binding

Forward is repositioning itself as a Solana-focused digital-asset treasury platform and ecosystem consolidator, while SkyAI is pursuing an agentic-finance strategy for the Global South. The filing itself only furnishes the announcement of an updated SkyAI acquisition proposal. 〔0〕

The offer is materially sweeter than Forward’s earlier approach. The new proposal implies $2.13 per SkyAI share, a 50% premium to SkyAI’s September 14 closing price, versus the prior June proposal valued at $1.55 per share and a 20% premium. The structure also lets SkyAI holders choose cash, Forward shares, or a combination, making the bid more flexible than the earlier all-stock offer.

This improves the odds of engagement, but does not create a transaction. The proposal is non-binding, depends on due diligence, a definitive agreement, regulatory approvals, and SkyAI shareholder approval; Forward is asking for a response by 5:00 p.m. Eastern on September 25, 2026. The direction was already telegraphed by Forward’s earlier bid and its recent campaign against SkyAI’s board, so the news is partly known rather than a clean surprise.

Bottom line: Forward has escalated its strategic push to combine with SkyAI and made rejection more difficult, but the business impact remains prospective until SkyAI engages or a definitive agreement is signed.