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Forward Industries and shareholders challenge SkyAI board ahead of vote

SkyAI’s proposed 2026 equity incentive plan would authorize 5.145 million new shares for stock-based compensation, implying roughly 7.2% additional dilution.

Reported · Written up by our desk · Market Structure

SkyAI, a Solana treasury firm formerly known as Sharps Technology, is facing mounting board pressure ahead of its Sept. 18 annual meeting, with a shareholder group and would-be acquirer Forward Industries separately urging investors to oppose the reelection of the entire board, according to The Block.

Bastion Trading and affiliated shareholders holding a 9.99% stake said in a Sept. 3 SEC filing that they plan to vote “WITHHOLD ALL” on SkyAI’s five director nominees. The group cited concerns including recent bylaw changes it says weakened shareholder rights, the adoption of a poison pill plan without a shareholder vote, and related-party transactions.

Forward Industries added to the pressure by publishing a letter urging shareholders to withhold their votes from all five directors and vote against SkyAI’s proposed 2026 equity incentive plan. The plan would authorize the company to issue 5.145 million additional shares for stock-based compensation, diluting shareholders by more than 7% in the process.

Forward has been seeking to consolidate smaller Solana treasury companies and offered to acquire SkyAI in an all-stock deal worth $1.55 per share in June, a 20% premium at the time. SkyAI’s board unanimously rejected the proposal in July, and SkyAI also said it controls 2,009,494 SOL worth about $207 million, while Forward holds 7,013,536 SOL worth more than $722 million.

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