Curated News
By: NewsRamp Editorial Staff
September 09, 2026
Forward Industries Urges SkyAI Shareholders to Reject Equity Plan
TLDR
- Forward Industries urges rejection of SkyAI's equity plan and directors to increase shareholder value and potential acquisition leverage.
- SkyAI's 2026 plan adds 5.1M shares or 7.2% dilution; majority vote can defeat plan, but withhold votes cannot remove directors.
- Forward's campaign seeks transparency and accountability, opposing conflicts of interest to protect shareholder interests and ethical governance.
- SkyAI's CIO's brother controls firms receiving $3.3M fees and $101.3M warrants, raising conflict-of-interest concerns in proxy.
Impact - Why it Matters
This news matters because it highlights a potential governance and value-dilution issue at SkyAI, which could affect shareholder returns. Forward Industries' move to rally shareholders against the equity plan and director nominees signals concerns about management's actions and related-party deals. If shareholders vote against the plan, it could lead to improved corporate governance and possibly pave the way for a merger, impacting the future of both companies and their investors.
Summary
Forward Industries (NASDAQ: FWDI), a Solana-focused digital asset treasury company, has issued an open letter to SkyAI shareholders, urging them to vote against SkyAI's proposed 2026 Equity Incentive Plan and to withhold votes from its five director nominees at the upcoming annual meeting on September 18, 2026. The letter highlights Forward's concerns about SkyAI's rejection of its all-stock acquisition proposal valued at $1.55 per share, which represented a 20% premium to SkyAI's prior closing price, as well as issues related to related-party transactions and financial performance. Forward specifically points to SkyAI's proxy disclosures of $3.3 million in consulting fees paid to Sol Edge Limited and warrants valued at approximately $101.3 million issued to Sol Markets, entities allegedly owned by the brother of SkyAI's Chief Investment Officer and director, Yuwen (Alice) Zhang.
Forward is asking shareholders to vote against the equity incentive plan, which would add 5,145,000 shares (about 7.2% dilution), and to withhold votes on all five directors. Forward notes that while the equity plan can be defeated by a majority of votes cast, SkyAI's plurality voting structure means individual directors cannot be removed solely through withhold votes. Despite these challenges, Forward remains confident in the strategic rationale for a combination with SkyAI and is open to engaging in a potential transaction. The full press release is available at https://nnw.fm/1Yn1Q.
Forward Industries is a digital asset treasury company focused on Solana, with a mission to expand the ecosystem by staking SOL and investing in related projects. The company launched its treasury strategy in September 2025 with support from Galaxy Digital and Jump Crypto. For more information, visit www.forwardindustries.com. The latest news on FWDI is available at https://nnw.fm/FWDI.
Source Statement
This curated news summary relied on content distributed by InvestorBrandNetwork (IBN). Read the original source here, Forward Industries Urges SkyAI Shareholders to Reject Equity Plan
