SkyAI rejects Forward Industries takeover proposal

SkyAI, formerly Sharp Technology, said it rejected a takeover proposal from Forward Industries, the largest corporate accumulator of Solana, which trades on Nasdaq under the ticker FWDI. Forward Industries had proposed an all-stock deal that would give SkyAI shareholders 0.306 Forward shares for each SkyAI share. SkyAI’s board unanimously rejected the offer, saying the proposed terms did not properly reflect the company’s value and were not in shareholders’ interests. The board also pointed to uncertainty over the value of the shares to be received as consideration and the timing of their delivery.