Forward Industries Proposes $2.13 Per Share for SkyAI Acquisition

Forward Industries ($FWDI) has submitted an amended proposal to acquire all issued and outstanding common shares of SkyAI ($SKYA). The proposed price is $2.13 per share (approximately 2,868 won), a 50% premium over SkyAI's September 14 closing price. In its official announcement on September 15, Forward Industries stated shareholders could choose to receive cash or Forward Industries common shares, or a combination of both. The fixed exchange ratio is 0.306 Forward Industries common shares per SkyAI share, calculated based on Forward Industries' September 14 closing price of $6.95 (approximately 9,359 won). Ryan Navi, Forward Industries' Chief Investment Officer, said the revised proposal reflects confidence in the value that this combination could create.

Forward Industries has requested SkyAI's board to respond by 5:00 PM Eastern Time on September 25, 2026. The proposal is non-binding and contingent upon due diligence, final agreements, regulatory approvals, and SkyAI shareholder approval.