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SkyAI keeps board after shareholder protest, equity pay plan fails

The rejected equity pay plan would have made up to 5.145 million shares available for awards.

Reported · Written up by our desk · Altcoins

SkyAI, a Solana treasury firm, kept all five directors at its annual meeting after an opposition campaign led by Forward Industries and Bastion Trading, according to The Block.

The directors each received more withheld votes than votes in support, with withheld totals ranging from 18.4 million to 20.7 million versus 6.9 million to 9.2 million in support, but they still retained their seats due to a plurality voting rule that does not count withheld votes against nominees.

SkyAI’s proposed equity pay plan was rejected by a wide margin. The Block reports the plan would have made up to 5.145 million shares available for equity awards.

Forward Industries has asked SkyAI to respond to its revised acquisition proposal by 5 p.m. ET on Sept. 25, The Block added.

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