Forward Industries wants to acquire SkyAI in a stock deal: a story about suitcases, Solana, and artificial intelligence
Monday — the day a small New York company decided to acquire another small company
On Monday, June 14, 2026, Forward Industries Inc., a company that once made medical equipment cases and watch straps, revealed something unexpected. It submitted an acquisition offer for SkyAI Inc. — a company that once did something else and later pivoted to artificial intelligence. The terms: a stock-for-stock exchange. 0.367 shares of Forward for each SkyAI share. A premium of about 20% over SkyAI’s market price at the time of the offer.
SkyAI did not respond. And it did not respond within the deadline — by market close on Friday, June 12. The deadline passed. The offer was left “hanging in the air.”
What kind of deal is this? Why does Forward Industries, with a market capitalization of around $20 million (if the numbers are accurate — and they may be even lower), want to acquire SkyAI, which is also not a giant? And why didn’t SkyAI respond?
The answer lies in the strange, almost surreal transformation of Forward Industries. In September 2025, the company, which previously made insulin pump cases, suddenly announced a “Solana-based treasury strategy.” They began accumulating SOL (the Solana token), staking it, and issuing a liquid token called fwdSOL. They declared themselves the “largest Solana treasury” — although this is likely an exaggeration.
And now they want to acquire SkyAI, which has repositioned itself around artificial intelligence. They are offering SkyAI shareholders a stake in their “larger platform.”
It sounds like the plot of a startup TV series. But it is real.
Let’s break down what is behind this offer, who Forward Industries and SkyAI are, and whether this deal has any future.
What is Forward Industries and why does it deal in cases and Solana?
Forward Industries Inc. was founded...
