SkyAI Rejects Forward’s Acquisition Offer

SkyAI, Inc., a financial technology company with a substantial Solana digital asset treasury, has reaffirmed its commitment to its standalone strategy following a thorough review of an unsolicited acquisition proposal from Forward Industries, Inc. The Special Committee, comprising independent directors, concluded that the all-stock acquisition offer was not in the best interests of shareholders.

According to the press release, the Board of Directors established the Special Committee to carefully evaluate Forward's proposal, which included factors such as the terms and structure of the acquisition, the associated risks and uncertainties, and SkyAI's standalone prospects. The Special Committee, with the assistance of independent advisors, unanimously determined that continuing with SkyAI's current strategy offered a more compelling opportunity for long-term value creation.

SkyAI's commitment to its Solana Digital Asset Treasury (DAT) strategy is evident in its holdings. As of June 30, 2026, the company held over two million SOL, its primary treasury reserve asset. Nearly all of the SOL is staked with institutional validators, allowing SkyAI to participate directly in securing the Solana network while generating staking revenue. Over the period from August 23 to September 8, 2026, SkyAI’s Solana validator generated an annualized gross yield of 6.01%, compared to a stake-weighted average of 5.57% across all Solana validators.

The company has also made significant progress in building its agentic finance platform on Solana, leveraging the network's speed, cost structure, developer ecosystem, and growing application activity. Solana has led all blockchains in application revenue for nine consecutive quarters, with applications built on the network generating more revenue in August than on any other blockchain.

SkyAI’s Board of Directors remains committed to strong governance and transparency. The Board has publicly disclosed its relationships and arrangements with its consultant and strategic advisor, ensuring that all related-party transactions are subject to Audit Committee approval. The strategic advisor’s warrants, issued as part of a private placement in August 2025, are not a cash payment but represent the grant-date accounting fair value required under U.S. GAAP.

In addition to its treasury strategy, SkyAI is focused on attracting and retaining talent through its 2026 Equity Incentive Plan. The Board considered the remaining capacity under the existing plan, anticipated hiring and retention requirements, projected future equity needs, and equity plan authorizations at comparable companies. The proposed plan is designed to align employee, executive, and director compensation with long-term shareholder value while preserving cash for operations and the execution of the company’s strategy.

The Board is recommending that shareholders vote FOR each of the Company’s director nominees and FOR the 2026 Equity Incentive Plan at the upcoming Annual Meeting on September 18, 2026. The company’s confidence in Solana extends beyond its treasury holdings, as the network’s continued growth reinforces its conviction in the platform’s potential to support the next generation of on-chain financial and AI products.

SkyAI’s transformation from its legacy medical device business into a DAT and financial technology company is ongoing. The company has generated over $12 million in staking revenue from its treasury strategy since its launch in August 2025, with no outstanding debt. As of June 30, 2026, SkyAI held approximately $12.1 million in cash and stablecoins.

The company’s focus on unlocking value for shareholders through its Solana DAT strategy and agentic finance platform positions it well for future growth in the digital asset and financial technology sectors.