Believes SkyAI Shareholders Deserve Greater Accountability From a Board That Has Failed to Deliver Value to Shareholders

Highlights the Board’s Rejection of Forward’s 20% Premium Acquisition Proposal, Related Party Payments to a Director’s Family Member Exceeding the Company’s Entire Market Value and Persistent Underperformance Relative to Its Peers

Urges Shareholders to Vote AGAINST the 2026 Equity Incentive Plan and WITHHOLD on Every SkyAI Director Nominee

Austin, TX, Sept. 09, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ:FWDI) ("Forward," "we" or "our") today released the following open letter to shareholders of SkyAI, Inc. ("SkyAI" or the "Company"), outlining its concerns regarding the Company and announcing its request for shareholders to vote AGAINST SkyAI’s 2026 Equity Incentive Plan and WITHHOLD on each the Company’s five director nominees at SkyAI’s 2026 annual meeting of shareholders (the "Annual Meeting") scheduled for September 18, 2026.

Dear SkyAI Shareholders:

We are writing to you because we believe strongly in the value opportunity at SkyAI and remain convinced that a combination with Forward could unlock significant value for both companies’ shareholders. On June 15, 2026, we acted on that conviction by submitting a proposal to acquire SkyAI in an all-stock transaction valuing the Company at $1.55 per share, representing a 20% premium to SkyAI’s closing price immediately prior to our proposal. Rather than engage with us regarding the merits of a potential combination, the Board unanimously rejected our proposal. We disagreed with that decision then, and SkyAI’s subsequent disclosures have only increased our concerns about the Board’s judgment and stewardship of the Company…