TheBlock
All five directors at Solana treasury company SkyAI retained their seats at the annual meeting despite an opposition campaign by Forward Industries and Bastion Trading. Each nominee saw 18.4 million to 20.7 million withheld votes, versus 6.9 million to 9.2 million in support. A plurality voting rule meant withheld votes did not count against the directors.
Shareholders delivered a clearer rejection on the proposed 2026 equity incentive plan, voting 22.5 million against and 5 million in favor. The plan would have authorized 5 million shares for stock-based compensation in addition to shares remaining under SkyAI's existing plan.
Why it matters
The meeting preserved SkyAI's board while limiting its ability to expand equity-based compensation. The split result also keeps the company's strategic direction in place as Forward Industries pursues a takeover.
Forward, described as the largest Solana treasury company by a wide margin, has sought to acquire SkyAI since mid-June. Its updated offer values each SKYA share at the equivalent of 0.306 Forward shares, identified by the ticker FWDI. SkyAI has not publicly announced a decision on the second proposal.
Market impact
SkyAI shares rose 4.4% on the day but remained down 15.8% for the year. Forward shares gained 2.5% and were up about 23% year to date. The contrasting shareholder votes leave the acquisition proposal as the next major catalyst for both companies, with Forward requesting a response by 5 p.m. ET on Friday.
Frequently asked questions
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Why did SkyAI's directors keep their seats despite the withheld votes?
SkyAI uses a plurality voting rule, under which withheld votes do not count against a nominee. All five directors therefore retained their seats.
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How did shareholders vote on SkyAI's 2026 equity plan?
Shareholders voted 22.5 million against the plan and 5 million in favor. The proposal would have authorized 5 million shares for stock-based compensation.
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Who is trying to acquire SkyAI?
Forward Industries has been seeking to acquire SkyAI since mid-June. Its updated offer values each SKYA share at the equivalent of 0.306 Forward shares.
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What is the status of Forward Industries' revised offer?
SkyAI has not publicly announced a decision on the second proposal. Forward requested a response by 5 p.m. ET on Friday.
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How did SKYA and Forward shares perform?
SKYA shares rose 4.4% on the day but were down 15.8% for the year. Forward shares gained 2.5% on the day and were up about 23% year to date.
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