Solana Treasury Firm SkyAI Survives Board Challenge, Loses Equity Plan Vote

All five directors of Solana treasury company SkyAI kept their seats at its annual meeting on Thursday, despite an opposition campaign by Forward Industries and Bastion Trading. The same shareholders rejected the company's 2026 equity incentive plan by a wide margin: 22.5 million votes against versus 5 million in favor, per a Thursday SEC filing.

The vote split is the cleaner read of where shareholders stand. Each director saw between 18.4 million and 20.7 million withheld votes, compared with 6.9 million to 9.2 million in support. Under SkyAI's plurality voting rule, withheld votes do not count against a nominee, so each director kept their seat regardless. Forward had acknowledged that outcome was likely when it urged shareholders to withhold.

What the rejected plan would have done

The defeated proposal would have authorized 5 million additional shares for stock-based compensation, on top of shares still available under the company’s existing plan. The total pool was reported at up to 5.145 million shares, slightly higher than the 5 million figure cited elsewhere in the report. The discrepancy is not resolved. Either reading leaves the board with less room to issue new equity awards than it sought.

Forward's next move

Forward, currently the largest Solana holder, has asked SkyAI to respond to a revised acquisition proposal by 5 p.m. ET on Friday, Sept. 25. SkyAI had not publicly announced a decision at the time of publication. A Sept. 9 report described Forward and a shareholder group as already challenging SkyAI’s board.

Where the stocks landed

SkyAI shares were up 4.4% on the day but down 15.8% year-to-date. Forward shares were up 2.5% on the day and around 23% year-to-date. SOL traded at $117.47, up 2.82%, at the time of publication.