In a dramatic turn of events at SkyAI’s annual meeting on Thursday, the company’s five directors successfully retained their positions on the board despite receiving a substantial number of withheld votes. Each director faced between 18.4 million and 20.7 million votes against their re-election, while support for their positions ranged from just 6.9 million to 9.2 million votes, as detailed in the company’s latest SEC filing.
This unusual outcome can be attributed to SkyAI’s plurality voting system, which permitted the directors to remain in their seats since withheld votes did not count against nominees. Forward Industries, which has been vocally pushing for change, had previously cautioned shareholders that this specific voting rule could result in the board remaining unchanged.
Shareholders Reject Equity Incentive Plan
In a contrasting decision, shareholders decisively rejected SkyAI’s proposed 2026 equity incentive plan, casting approximately 22.5 million votes against it, compared to only 5 million in support. This plan sought to reserve 5 million shares for stock-based compensation, in addition to shares already available under the existing program. The rejection highlights a growing concern among investors regarding compensation structures amid shifting market dynamics.
Interestingly, this vote comes at a time when market activity surrounding Solana is gaining momentum, with recent data indicating that Solana ETF inflows reached $1.47 billion. SOL has also seen price action that pushed it near $117, showcasing a strong weekly gain and drawing attention to treasury companies like SkyAI.
Forward Industries Maintains Acquisition Interest
Since mid-June, Forward Industries has been eyeing a takeover of SkyAI and remains the largest player among Solana treasury companies. Following the rejection of its initial offer, Forward submitted a revised acquisition proposal on September 15, valuing each SkyAI share at 0.306 Forward shares. This ongoing pursuit underscores the competitive landscape as companies vie for strategic positions in the Solana ecosystem.
As Solana progresses with its Alpenglow upgrade towards a public testnet, targeting improved transaction finality, the competitive stakes continue to rise, especially for entities holding significant SOL positions, including both Forward and SkyAI.
SkyAI Faces Deadline for Response
As the clock ticks down, SkyAI has yet to publicly respond to Forward’s revised offer, which has a deadline set for 5 p.m. ET on Friday. Earlier in the week, SOL reached a seven-month high above $110, fueled by increased buying activity, adding to the urgency surrounding the proposed acquisition.
On Thursday, market activity was largely positive with SkyAI shares rising by 4.4%, although they remain down 15.8% for the year. Forward’s shares also climbed by 2.5% and are up approximately 23% year-to-date. As the deadline approaches, shareholders are keenly awaiting SkyAI’s decision regarding Forward’s acquisition proposal.
