Forward's Acquisition of Solana Treasury Firm SkyAI Rejected, Urges Shareholders to Oppose Re-election of Five Incumbent Directors

BlockBeats news, September 10: Solana treasury company SkyAI will hold its annual shareholders meeting on September 18. Potential acquirer Forward Industries has publicly called on shareholders to oppose the re-election of five incumbent directors and to reject the 2026 equity incentive plan. The plan proposes authorizing an additional 5.145 million shares for equity incentives.

Previously, Forward proposed an all-stock acquisition of SKYA in exchange for 0.367 shares of FWDI per share, at a premium of approximately 20%, but it was unanimously rejected by SkyAI's board of directors in July. Meanwhile, shareholders including Bastion Trading, which holds a 9.99% stake in SkyAI, have also filed with the SEC, planning to vote "WITHHOLD ALL" for all director candidates, and have raised questions about the company's recent amendment of its bylaws, the adoption of a "poison pill" plan without shareholder vote, and related-party transactions. (The Block)