Key Takeaways:
- Forward Industries offered 0.367 shares per SkyAI share, a 20% premium
- SkyAI did not respond to the proposal before its June 12 expiration
- Forward also approached Solana Company and Brera Holdings, both rejected
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Forward Industries proposes all-stock deal to SkyAI at 20% premium
Forward Industries Inc., the largest publicly traded Solana treasury company, made an unsolicited all-stock acquisition proposal to SkyAI Inc. at a roughly 20% premium to the stock's prior close, offering 0.367 newly issued shares for each SkyAI share.
"We are disappointed and surprised by the lack of response from the SKYA team and strongly believe that engaging in discussions with Forward is in the best interest of both SKYA and its shareholders," Forward said in a statement Monday.
The proposal, which expired June 12 without a response from SkyAI, valued each SkyAI share at about $1.55 based on the prior day's closing price of $1.29. Forward also approached three other Solana-focused treasury firms: Solana Company (HSDT) and Brera Holdings (SLMT) both rejected the offers without engaging, while a separate proposal to SkyAI, formerly known as Sharps Technology, also went unanswered.
The acquisition push comes as Forward, which holds more than 7 million SOL worth roughly $525 million at current prices, seeks to consolidate Solana treasury companies under a single public vehicle. Ryan Navi, Forward's chief investment officer, said subscale treasury firms face "meaningfully lower yields and negative cash flows" that continue to erode shareholder value in the current market environment.
Forward shares rose 14% to $4.89 on Monday as Solana gained 11% to about $75, lifting the broader crypto treasury sector. SkyAI shares surged 14%, while Solana Company and Brera Holdings gained 12% and 7%, respectively.
Forward acquired roughly 7 million SOL last year for about $1.6 billion, giving it the largest Solana treasury among publicly traded companies. The firm has since staked most of its holdings to its validator infrastructure and launched fwdSOL, a liquid staking token. At Solana's current price, Forward holds more than $1 billion in unrealized losses on its treasury position.
The company described its strategy as building "the Berkshire Hathaway of Solana," aiming to compound SOL per share faster than the staking rate while deploying capital into Solana protocols as an investor and liquidity provider.
This article is for informational purposes only and does not constitute investment advice.
[1] SkyAI Confirms Receipt of Unsolicited, Non-Binding Proposal from Forward Industries[2] Solana Treasury Firm Forward Industries Keeps Trying to Acquire Rivals—But Nobody's Biting[3] Forward Industries targets Solana Company with all-stock acquisition bid[4] Forward Industries announces merger proposals to HSDT and SkyAI[5] Forward Industries Announces Letter of Intent to Acquire SkyAI, Inc. (SKYA)
