Forward Industries (NASDAQ: FWDI) disclosed that it submitted a non-binding proposal to acquire SkyAI in an all-stock business combination that would have provided SKYA shareholders with 0.367 newly issued Forward shares for each SKYA share, representing an implied value of approximately $1.55 per share and a 20% premium to SkyAI’s closing price prior to the proposal. Forward said SkyAI did not respond before the proposal expired on June 12.

Forward said it pursued the transaction because it believes SkyAI’s recent pivot toward artificial intelligence has failed to close a valuation discount and that a combination would provide shareholders with exposure to its Solana-focused treasury strategy, enhanced liquidity and a larger capital base. The company said it has built what it describes as the world’s largest Solana treasury and believes its scale, balance sheet and access to capital would enable it to unlock greater value for SkyAI shareholders than the company could achieve as a standalone business.

To view the full press release, visit https://ibn.fm/mV42r

About Forward Industries, Inc.

Forward Industries, Inc. (NASDAQ: FWDI) is a Solana focused digital asset treasury company, with the strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL related digital assets, protocols and businesses. Our mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with, providing tools to and investing in the Solana network, Solana developers and Solana related projects in order to increase shareholder value. In connection with a private placement transaction in September 2025, we launched our digital asset treasury strategy supported by industry leading investors and operating partners including Galaxy Digital and Jump Crypto. For more information on the Company’s Solana treasury strategy, visit forwardindustries.com

NOTE TO INVESTORS: The latest news and updates relating to FWDI are available in the company’s newsroom at https://ibn.fm/FWDI

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