Forward Industries Urges SkyAI Shareholders to Oust Entire Board Ahead of Sept. 18 Vote
SKYA sits 46% above its 52-week low of $0.91 on light trading volume (0.3× avg).
Summary
Forward Industries, the largest Solana treasury company, is publicly urging SkyAI shareholders to withhold votes from all five directors and reject the proposed equity incentive plan at the September 18 annual meeting. The plan would authorize 5.145 million new shares, diluting shareholders by more than 7%. Forward also disclosed its June all-stock acquisition offer of $1.55 per share, a 20% premium at the time, which SkyAI's board rejected. The campaign adds to pressure from activist Bastion Trading, which holds a 9.99% stake and already announced plans to vote against the board. SkyAI's Solana treasury of 2,009,494 SOL is worth roughly $207 million, while Forward holds over $722 million in SOL. The board challenge escalates the proxy fight and raises the likelihood of a change in control or strategic transaction.
At the time of this announcement, SKYA was trading at $1.33 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $57.5M. The 52-week trading range was $0.91 to $10.93. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: The Block.