SkyAI Directors Survive Boardroom Battle as Acquisition Drama Unfolds

SkyAI's directors emerged unscathed from their annual meeting on Thursday, despite receiving far more withheld votes than supporting ones. According to a Securities and Exchange Commission filing, each of the five directors received between 18.4 million and 20.7 million withheld votes, whereas support ranged from 6.9 million to 9.2 million votes. This outcome can be attributed to SkyAI's plurality voting system, which doesn't count withheld votes against nominees.

Shareholders, however, delivered a different verdict on the company's proposed 2026 equity incentive plan. The proposal, which aimed to reserve 5 million shares for stock-based compensation beyond existing allotments, was met with 22.5 million opposing votes, compared to just 5 million supporting ones.

Meanwhile, Forward Industries has continued its pursuit of SkyAI since mid-June and remains the largest Solana treasury company. The company submitted a revised acquisition proposal on September 15, valuing each SkyAI share at the equivalent of 0.306 Forward shares.