SkyAI Rejects Forward Industries' $2.13 Per Share Acquisition Offer Amid Shareholder Outcry

Forward Industries proposed a non-binding offer to acquire all common shares of SkyAI at $2.13 per share (approximately 2,942 won), representing a 50% premium over the September 14 closing price. The company suggested payment in cash, its own stock, or a combination of both.

SkyAI stated in documents filed with the U.S. Securities and Exchange Commission that the proposal does not serve shareholders' best interests, with its special committee and board deciding to continue executing an independent strategy. The dispute has centered on shareholder compensation and share dilution structures rather than Solana (SOL) price movements.

AMBCrypto reported that market capitalizations of digital asset treasury (DAT) companies focused on Bitcoin (BTC) and Ethereum (ETH) have fallen by about 40% from their peak, with cumulative losses estimated at around $50 billion. SkyAI's predecessor, Sharps Technology, raised $400 million in August 2025 to begin a Solana-centric treasury strategy, purchasing most of the funds on public markets.

SkyAI reported recognizing over $12 million in staking revenue by June 30, 2026, holding more than 200,000 SOL with no debt. Its validator operations achieved a 6.01% annualized return from August 23 to September 8, outperforming the weighted average of 5.57% for all Solana validators during that period.

Forward Industries' main concern was SkyAI's plan to allocate 7.2% of company shares to approximately 30 employees as part of a competitive compensation structure. The company argued such an approach is necessary to attract talent in digital assets, AI, and blockchain sectors. The final approval status of this compensation plan remains undisclosed.

DAT companies hold digital assets as core financial assets, with their capital structures potentially leading to dilution risks if asset prices decline. SkyAI's case highlights the complexity of assessing shareholder value beyond just cryptocurrency price movements, requiring consideration of funding mechanisms, preferred shares, and employee compensation plans.