SkyAI Confirms Receipt of Unsolicited, Non-Binding Proposal from Forward Industries

Rhea-AI Summary

SkyAI (NASDAQ:SKYA) confirmed it has received an unsolicited, non-binding proposal from Forward Industries for a potential all-stock business combination. The proposal offers 0.367 Forward shares for each SkyAI share. A special committee of independent directors will evaluate the proposal. SkyAI states shareholders need not take any action now and it does not plan to provide further updates unless required by law.

News Market Reaction – SKYA

+3.20%

19 alerts

+3.20% Session close to close

+25.0% Peak in 11 hr 56 min

$57.98M Market Cap

1.3x Rel. Volume

In the Jun 16 session, SKYA gained 3.20%, reflecting a moderate positive market reaction. Argus tracked a peak move of +25.0% during that session. Our momentum scanner triggered 19 alerts that day, indicating notable trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details an unsolicited, non-binding, all-stock proposal in which SkyAI holders wou...

Analysis

This announcement details an unsolicited, non-binding, all-stock proposal in which SkyAI holders would receive 0.367 Forward shares per SkyAI share. A special committee of independent directors will evaluate the offer under its fiduciary duties. With shares trading well below the 52-week high, investors may weigh how the implied value compares to recent strategic changes and operational plans, while monitoring for further disclosures on terms, conditions, and any competing proposals.

Key Figures

Exchange ratio: 0.367 Forward shares per SkyAI share

1 metrics

Exchange ratio 0.367 Forward shares per SkyAI share Proposed all-stock business combination

Historical Context

2 past events · Latest: May 29 (Positive)

Pattern 2 events

Date	Event	Sentiment	24h Move	Catalyst
May 29	CFO appointment	Positive	+3.4%	Appointment of experienced CFO Arthur Levine to lead financial strategy.
May 27	Rebrand & pivot	Positive	-82.7%	Rebranding to SkyAI and strategic shift toward agentic finance platform.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent corporate events have produced mixed reactions: a CFO appointment saw a modest gain, while a major strategic rebrand coincided with a sharp decline.

Recent Company History

Over recent weeks, SkyAI has undergone significant transformation. On May 27, 2026, the company rebranded from Sharps Technology to SkyAI, shifting strategically toward an AI-driven agentic finance platform for the Global South; shares fell 82.73% over the next day. On May 29, 2026, SkyAI appointed veteran finance executive Arthur Levine as CFO, which coincided with a 3.39% gain. Today’s unsolicited all-stock proposal arrives with the stock already trading near its 52-week low after this strategic pivot.

Key Terms

all-stock business combination, fiduciary duties, special committee, independent directors

4 terms

all-stock business combination financial

"regarding a potential all-stock business combination."

An all-stock business combination is a deal in which one company acquires or merges with another by paying only with its own shares instead of cash, so sellers receive ownership stake rather than immediate money. For investors this matters because it changes who owns the combined company, can dilute existing shares, links the deal’s value to future share price performance, and shifts risks and rewards to stockholders rather than guaranteeing cash — think of trading slices of one pie for slices of a bigger pie.

fiduciary duties regulatory

"Consistent with its fiduciary duties, SkyAI’s Board of Directors has established"

Fiduciary duties are the legal and ethical responsibilities that company directors, officers, or financial advisors have to put shareholders’ interests ahead of their own, acting with honesty, care, and loyalty. Think of it like a guardian managing someone’s money: choices must prioritize the owner’s benefit, avoid conflicts, and be made with prudent judgment; investors rely on these duties to ensure decisions aren’t self‑serving and to provide grounds for legal action if abused.

special committee financial

"has established a special committee of independent directors to review"

A special committee is a group of people chosen by an organization to carefully examine a specific issue or problem, often when a decision could have significant consequences. Think of it as a task force brought together to investigate and recommend actions, ensuring that important matters are handled thoroughly and fairly. For investors, this means decisions are made with careful oversight, which can impact the organization's stability and future direction.

independent directors regulatory

"a special committee of independent directors to review and evaluate the proposal"

Members of a company’s board who do not have significant business, family, or financial ties to the company and are not part of its management; they are chosen to provide impartial oversight of strategy, financial reporting, executive pay and risk. They matter to investors because independent directors act like an objective referee, helping ensure decisions favor shareholders’ long-term interests rather than insiders, which can strengthen trust and reduce the chance of mismanagement or conflicts of interest.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, June 15, 2026 (GLOBE NEWSWIRE) -- SkyAI, Inc. (NASDAQ: “SKYA”) (“SkyAI” or the “Company”), a financial technology company building agentic finance for the Global South, today confirmed receipt of an unsolicited, non-binding proposal from Forward Industries, Inc. (“Forward”) regarding a potential all-stock business combination. Under the terms of the proposal, SkyAI stockholders would receive 0.367 newly issued shares of Forward common stock for each share of SkyAI common stock.

Consistent with its fiduciary duties, SkyAI’s Board of Directors has established a special committee of independent directors to review and evaluate the proposal and make a recommendation to the Board of Directors regarding the course of action that it believes is in the best interests of SkyAI and its stockholders.

The Company does not undertake any obligation to provide any updates with respect to this or any other proposal or transaction, except as required under applicable law.

SkyAI shareholders do not need to take any action at this time. 

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this release other than statements of historical fact are forward-looking statements, including statements regarding the Company’s strategy and product roadmap and the potential opportunities such initiatives may create. Forward-looking statements are based on current expectations, assumptions, and beliefs, and involve risks and uncertainties that could cause actual results to differ materially.

These risks and uncertainties include, among others: the Company’s ability to successfully execute its AI technology strategy; and general market, economic, and business conditions. Additional risks are described in the “Risk Factors” section of the Company’s filings with the Securities and Exchange Commission (the “SEC”), which are available on the SEC’s website at www.sec.gov.

Forward-looking statements speak only as of the date of this press release. The Company undertakes no obligation to update or revise these statements, whether as a result of new information, future developments, or otherwise, except as required by law.

About SkyAI

SkyAI, Inc. (Nasdaq: SKYA), formerly Sharps Technology, Inc., is building Agentic Finance for the Global South that will combine stablecoin rails with AI to deliver financial access, education, and actionable intelligence to the billions of underbanked users across Asia, Latin America, and Africa. For additional information, please visit www.theskyai.co.

Media Contact

Edelman Smithfield
SkyAI@edelmansmithfield.com

FAQ

What did SkyAI (NASDAQ:SKYA) announce about the Forward Industries proposal on June 15, 2026?

SkyAI announced it received an unsolicited, non-binding all-stock business combination proposal from Forward Industries. According to SkyAI, the proposal offers 0.367 newly issued Forward common shares for each SkyAI share and is being reviewed by a special committee of independent directors.

What is the proposed share exchange ratio for SkyAI (SKYA) in the Forward Industries offer?

The proposal offers 0.367 newly issued Forward Industries common shares for each SkyAI share. According to SkyAI, this exchange ratio would apply in a potential all-stock business combination, which remains non-binding and subject to review by the company’s independent special committee.

Is the Forward Industries proposal to SkyAI (SKYA) binding or finalized?

The proposal to SkyAI from Forward Industries is non-binding and not finalized. According to SkyAI, the offer represents a potential all-stock business combination and is currently under evaluation by a special committee, with no assurance that any transaction will occur.

How is SkyAI’s board responding to the Forward Industries proposal for SKYA shareholders?

SkyAI’s board has formed a special committee of independent directors to evaluate the proposal. According to SkyAI, this committee will review the unsolicited, non-binding offer and recommend a course of action it believes is in the best interests of the company and shareholders.

Do SkyAI (NASDAQ:SKYA) shareholders need to take any action regarding the Forward Industries proposal?

SkyAI shareholders are not required to take any action at this time. According to SkyAI, the proposal is being evaluated by a special committee, and the company does not intend to provide updates on this or other proposals except as required under applicable law.