Key Highlights
- Five SkyAI board members maintained their positions despite receiving substantially more withheld votes compared to affirmative support.
- Plurality voting rules enabled directors to continue serving since withheld ballots did not register as votes against candidates.
- An equity incentive plan for 2026 failed to gain shareholder approval, with 22.5 million votes opposing the measure.
- Forward Industries delivered a modified acquisition proposal valuing SkyAI shares at 0.306 Forward shares each.
- The company faces a Friday deadline to respond to Forward’s second takeover proposal.
SkyAI’s board of directors secured their positions during Thursday’s annual shareholder meeting despite facing significant opposition from voters. The five directors each accumulated between 18.4 million and 20.7 million withheld votes. Affirmative support ranged from 6.9 million to 9.2 million votes across all nominees, based on regulatory disclosures filed with the SEC.
The outcome stems from SkyAI’s plurality voting structure. Under this system, withheld ballots carry no weight against director candidates, allowing each nominee to retain their board position. Forward Industries had previously encouraged shareholders to withhold their support and acknowledged that existing voting procedures might allow the current board to remain intact.
Equity Compensation Program Fails to Win Approval
Shareholders took a different stance when voting on the company’s equity incentive program scheduled for 2026. Approximately 22.5 million votes rejected the measure, while roughly 5 million voted in favor. The failed proposal sought to allocate 5 million shares for employee compensation through stock-based awards, supplementing shares remaining in the current compensation structure. Meanwhile, recent reports indicated that Solana ETF inflows reached $1.47 billion.
The shareholder vote occurs while Solana-related developments maintain market interest. SOL exchanged hands around $117 following notable weekly price gains. This market environment has amplified attention on companies maintaining substantial Solana treasury holdings.
Forward Industries Maintains Takeover Pursuit
Forward Industries initiated its acquisition campaign in mid-June and holds the distinction of being the largest corporate holder of Solana. The company presented a modified takeover proposal on September 15 following SkyAI’s dismissal of the initial bid. The revised offer establishes a value of 0.306 Forward shares for every SkyAI share. During this period, Solana moved its Alpenglow upgrade toward public testnet testing.
This technical advancement arrives during heightened activity throughout Solana markets. The Alpenglow upgrade focuses on accelerating transaction finality speeds. Such network improvements provide additional context for the ongoing competition between major SOL-holding entities like Forward and SkyAI.
Response Window Closes Friday
SkyAI has remained silent on Forward’s modified acquisition terms. Forward established a 5 p.m. ET Friday deadline for receiving the company’s official response. Earlier in the week, SOL reached a seven-month high above $110 driven by increased purchasing activity. The approaching deadline leaves the acquisition proposal in limbo.
Trading activity showed strength on Thursday. SkyAI stock climbed 4.4% during the session while carrying a 15.8% year-to-date decline in 2026. Forward shares advanced 2.5% and held approximately 23% gains for the current year. Investors now monitor SkyAI’s forthcoming decision regarding Forward’s updated takeover terms.
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