SkyAI Directors Keep Seats Amid Shareholder Backlash
SkyAI, a Solana treasury firm, held its annual meeting on Thursday. Despite opposition from Forward Industries and Bastion Trading, all five directors retained their seats due to a plurality voting rule. Forward had urged shareholders to withhold their votes, which they did in large numbers, with between 18.4 million and 20.7 million withheld votes compared to 6.9 million to 9.2 million votes in support.
However, the withheld votes did not count against the nominees, allowing them to keep their positions. Forward had been seeking to acquire SkyAI since mid-June and submitted an updated purchase proposal on September 15. The offer values each SkyAI share at the equivalent of 0.306 Forward shares.
SkyAI has not yet publicly announced a decision on the second offer, which Forward requested a response to by 5 p.m. ET on Friday. In other news, shareholders rejected SkyAI's proposed 2026 equity incentive plan by a wide margin, with 22.5 million votes against and 5 million in favor.