Forward Industries stock falls after SkyAI acquisition proposal
Forward Industries (NASDAQ:FWDI) saw its stock price drop by 10% on Tuesday after the company announced a proposal to acquire SkyAI Inc. The acquisition would be executed at a 50% premium to SkyAI's closing price on September 14, 2026. The proposal was delivered to SkyAI's Board of Directors on September 15, 2026. Under the terms of the deal, SkyAI shareholders would receive cash or Forward Industries common stock, or a combination of both.
This exchange ratio would equate to 0.306 Forward shares for each SkyAI share, translating to $2.13 per SkyAI share. Forward Industries' Chief Investment Officer, Ryan Navi, expressed confidence in the value this combination could create. The company is eager to move swiftly, with the next step being a response from the SkyAI Board by 5:00 p.m. Eastern time on September 25, 2026.
The deal is non-binding and subject to various conditions, including due diligence, negotiation, execution of a definitive agreement, regulatory approvals, and shareholder approval.
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