Forward Industries (FWDI) said Monday it sent business combination proposals to Solana (HSDT) and SkyAI (SKYA), but Solana's board declined while SkyAI did not respond.
Under its proposal to Solana, Forward said Solana stockholders would receive 0.386 newly issued shares of Forward common stock for each Solana share. Solana said on June 12 its board voted to decline and not engage in further talks, according to Forward.
In its proposal to SkyAI, Forward offered to issue 0.367 shares for each SkyAI share. SkyAI's board did not respond by its June 12 expiration, Forward said.
Solana and SkyAI did not immediately reply to a request for comment from.
Shares of Forward were up more than 8% in Monday trading, and Solana and SkyAI shares added 14% and 11%, respectively.
Price: $4.63, Change: $+0.35, Percent Change: +8.18%