SkyAI Rebuts Forward Industries, Discloses $12M Staking Revenue and No Debt
SKYA sits 56% above its 52-week low of $0.91.
Summary
SkyAI issued a rebuttal to Forward Industries' public letter, disclosing new details about its strategic advisor warrants, staking revenue, and debt-free balance sheet ahead of the September 18 Annual Meeting.
Key Events · Corporate Governance and Compliance · SKYA
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Rebuttal to Forward Industries
SkyAI's Special Committee unanimously rejected Forward's all-stock proposal, and the full Board reaffirmed that decision, stating the standalone strategy offers more compelling long-term value.
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Strategic Advisor Warrants Clarified
The warrants issued to SOL Markets cover 6,321,367 shares, equal to 10% of the PIPE shares. The $101.3 million figure is the grant-date accounting fair value under U.S. GAAP, not a cash payment.
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Staking Revenue and Treasury
SkyAI recognized over $12 million in staking revenue from August 2025 through June 30, 2026, and held approximately $12.1 million in cash and stablecoins with no outstanding debt.
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Validator Performance
Over ten epochs from August 23 to September 8, 2026, SkyAI's Solana validator generated an annualized gross yield of 6.01% in SOL, above the stake-weighted average of 5.57%.
Analysis · SKYA · Crypto Assets
SkyAI is fighting a proxy battle against activist investor Bastion Trading and Forward Industries, which is urging shareholders to withhold votes. This filing is SkyAI's public rebuttal, and it contains new material facts: the strategic advisor warrants cover 6.3 million shares (10% of the PIPE), the $101.3 million figure is a non-cash accounting fair value, and the company has generated over $12 million in staking revenue with no debt. These disclosures directly counter Forward's criticisms and are aimed at swaying shareholders ahead of the September 18, 2026 Annual Meeting.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 29.9% of the 1656 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SKYA was trading at $1.42 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $61.4M. The 52-week trading range was $0.91 to $9.64. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.