AcquisitionsJun 16, 2026, 06:07 AM

Forward Industries' Bids for SkyAI & Solana Co. Rejected

AI Summary

Forward Industries, Inc. announced that its non-binding proposals to acquire SkyAI, Inc. and Solana Company in all-stock transactions were unsuccessful. SkyAI did not respond to Forward Industries' offer by its June 12, 2026 expiration, while Solana Company's board voted to decline Forward Industries' proposal on the same date. Forward Industries expressed disappointment with both outcomes, emphasizing its belief that engagement would have been in the best interest of all shareholders.

Key Highlights

Forward Industries' non-binding offer for SkyAI (SKYA) was not responded to by June 12, 2026.
The SkyAI offer was 0.367 FWDI shares per SKYA share, a 20% premium ($1.55/share).
Forward Industries' non-binding offer for Solana Company (HSDT) was declined by its board on June 12, 2026.
The Solana Company offer was 0.386 FWDI shares per HSDT share, a 10% premium ($1.63/share).
Forward Industries expressed disappointment regarding the lack of engagement from both companies.
Forward Industries aims to advance the Solana ecosystem and grow its Solana treasury.

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