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Forward Industries Makes Updated Non-Binding Proposal to Acquire SkyAI

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Forward Industries (FWDI) said Tuesday that it has made an updated non-binding proposal to acquire SkyAI (SKYA) under a deal it said implies consideration of $2.13 per SkyAI share, representing a 50% premium to SkyAI's Sept. 14 closing price.

Under the proposal, SkyAI stockholders would receive cash and/or shares of Forward Industries at the holder's choice.

The company said each SkyAI share would be converted into the value of 0.306 Forward shares, a fixed exchange ratio that would not adjust for changes in the trading price of either company's common stock.

Forward requested a response from SkyAI's board on Sept. 25. The proposal remains subject to due diligence, a definitive agreement, regulatory approvals and SkyAI stockholder approval.

Shares of SkyAI were down 6.3%, while shares of Forward Industries were down 4.6%.

Price: $6.58, Change: $-0.37, Percent Change: -5.32%

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