Nasdaq-listed SkyAI is facing a board challenge from Forward Industries, which is urging shareholders to reject the company’s 2026 equity incentive plan at the Sept. 18 annual meeting. The proposal would authorize 5.145 million new shares for equity awards, equal to about 7.2% of the company’s current share capital. Forward Industries is also asking investors to withhold votes from all incumbent director nominees, and Bastion Trading, which owns 9.99% of SkyAI, has said it will withhold support from the current board as well.
The dispute comes after SkyAI shifted from a medical device business into a digital asset treasury company. It now holds about 2.08 million Solana tokens, valued at roughly $207 million, while the company’s market capitalization stands at about $59 million. Earlier in June, Forward Industries submitted an all-stock acquisition proposal at a 20% premium, but SkyAI’s board unanimously rejected it. The current confrontation also involves the board’s adoption of a poison pill defense without a shareholder vote, according to Crypto Briefing.
Nasdaq-listed SkyAI is facing a board challenge from Forward Industries, which opposes the company’s 2026 equity incentive plan.
The proposal would authorize 5.145 million new shares for equity compensation, representing about 7.2% of the current share base. Forward Industries has called on shareholders to vote down the plan at the Sept. 18 annual meeting and to withhold support from all incumbent director nominees. Bastion Trading, which holds 9.99% of SkyAI, has also said it will withhold votes from the current directors.
SkyAI previously shifted from a medical device business to a digital asset treasury company. It currently holds about 2.08 million Solana (SOL), valued at roughly $207 million, while its market capitalization is only about $59 million.
In June this year, Forward Industries made an all-stock acquisition proposal at a 20% premium, but SkyAI’s board unanimously rejected the offer. The dispute also involves the board’s adoption of a poison pill defense without a shareholder vote.
Crypto Briefing was cited as the source.
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