SkyAI Directors Keep Seats as Shareholders Reject 2026 Equity Plan

The five directors of Solana treasury firm SkyAI maintained their seats at its annual meeting on Thursday, despite an opposition campaign by Forward Industries and Bastion Trading. According to a SEC filing reported by The, the same shareholders rejected the company's 2026 equity incentive plan by a wide margin: 22.5 million votes against versus 5 million in favor.

The vote split is the cleaner read of where shareholders stand, with each director receiving between 18.4 million and 20.7 million withheld votes compared to 6.9 million to 9.2 million in support. Under SkyAI's plurality voting rule, withheld votes do not count against a nominee, so each director kept their seat regardless.

The defeated proposal would have authorized 5 million additional shares for stock-based compensation, on top of shares still available under the company’s existing plan. Forward has asked SkyAI to respond to a revised acquisition proposal by 5 p.m. ET on Friday, Sept. 25.