Forward Industries Targets SkyAI Board in Equity Plan Dispute
SkyAI, Inc., a Nasdaq-listed company trading under the ticker SKYA, is facing a board challenge from Forward Industries over its proposed equity plan. The plan would authorize 5,145,000 new shares for stock-based compensation, representing approximately 7.2% dilution to the existing share base.
Forward Industries, which has been critical of SkyAI's management, has called on shareholders to vote against the equity incentive plan and withhold votes from all five incumbent director nominees at the upcoming annual meeting. Bastion Trading, a significant shareholder with approximately 9.99% of SkyAI's shares, has also signaled its intent to withhold votes from the directors.
The objections go beyond the equity plan itself, with Forward pointing to the board's adoption of a poison pill defense mechanism without putting it to a shareholder vote. The company's treasury, valued at around $207 million due to its Solana holdings, sits at a significant discount to its market cap of about $59 million.