TLDR
- SkyAI’s five directors retained their board seats despite receiving far more withheld votes than supporting votes.
- The plurality voting rule allowed the directors to remain because withheld votes did not count against nominees.
- Shareholders rejected SkyAI’s 2026 equity incentive plan, with 22.5 million votes against the proposal.
- Forward Industries has submitted a revised takeover offer valuing each SkyAI share at 0.306 Forward shares.
- SkyAI has yet to respond publicly to Forward’s second offer, with a Friday deadline approaching.
SkyAI kept all five directors on its board during the annual meeting Thursday after shareholders cast far more withheld votes than supporting votes. Each director received between 18.4 million and 20.7 million withheld votes. Support ranged from 6.9 million to 9.2 million votes, according to the company’s SEC filing.
The result came from SkyAI’s plurality voting system. Withheld votes did not count against nominees, so every director retained a seat. Forward Industries had urged shareholders to withhold support and had already noted that this voting rule could leave the board unchanged.
Shareholders Reject Equity Incentive Plan
Shareholders delivered a different result on SkyAI’s proposed 2026 equity incentive plan. About 22.5 million votes opposed the plan, while 5 million supported it. The proposal would have reserved 5 million shares for stock-based compensation beyond shares still available under the existing program. Recent data also showed that Solana ETF inflows reached $1.47 billion.
The vote comes as activity around Solana continues to draw market attention. SOL traded near $117 after a strong weekly gain. That market backdrop has kept Solana treasury companies in focus.
Forward Industries Keeps Acquisition Offer Open
Forward Industries has pursued SkyAI since mid-June and remains the largest Solana treasury company. It submitted a revised acquisition proposal on September 15 after SkyAI rejected its first offer. The updated bid values each SkyAI share at the equivalent of 0.306 Forward shares. This week, Solana moved its Alpenglow upgrade toward public testnet testing.
The network development comes during broader activity across the Solana market. The upgrade targets faster transaction finality. The network activity adds context to the competition among companies holding large SOL positions, including Forward and SkyAI.
SkyAI Faces Friday Response Deadline
SkyAI has not publicly announced a decision on Forward’s second offer. Forward asked the company to respond by 5 p.m. ET on Friday. Earlier this week, SOL reached a seven-month high above $110 as buying activity increased. The deadline leaves the proposed acquisition unresolved.
Market activity remained positive on Thursday. SkyAI shares rose 4.4% on the day but remained down 15.8% in 2026. Forward shares gained 2.5% and were up about 23% for the year. Shareholders now await SkyAI’s response to Forward’s revised acquisition proposal.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
