Forward Industries Urges SkyAI Shareholders to Reject 2026 Equity Incentive Plan and Director Nominees

Forward Industries Inc. (NASDAQ: FWDI), a Solana (SOL) treasury company, has issued an open letter to shareholders of SkyAI, calling on them to vote against SkyAI’s 2026 Equity Incentive Plan and to withhold support for each of SkyAI’s five director nominees at the company’s annual meeting scheduled for Sept. 18. The move follows SkyAI’s board rejection of a Forward proposal to acquire the company in an all-stock transaction valued at $1.55 per share, which represented a 20% premium over SkyAI’s closing price prior to the offer.

In the letter, Forward said it believes in the value opportunity at SkyAI and that a combination between the two companies could unlock value for shareholders of both. The rejected proposal would have given SkyAI shareholders an immediate opportunity to realize a premium, according to Forward. Instead, the company points to SkyAI’s mounting losses and underperformance relative to its peers as reasons for shareholder concern.

Forward’s decision to publicly urge a “no” vote on the equity incentive plan and a withhold vote on all five director nominees signals a significant escalation in its engagement with SkyAI. The annual meeting, set for Sept. 18, will now serve as a referendum on SkyAI’s current leadership and strategic direction.

For Texas investors and businesses, the dispute highlights the high-stakes nature of corporate governance and shareholder activism in the state’s growing technology and digital asset sectors. Forward Industries, which operates as a Solana treasury company, is pushing for accountability at SkyAI, arguing that the rejected acquisition would have delivered immediate value. The outcome of the vote could influence how other Texas-based companies approach similar situations, particularly regarding executive compensation plans and board oversight.

The full open letter and details of Forward’s proposal are available in the company’s newsroom at https://ibn.fm/FWDI. Additional information about SkyAI’s annual meeting can be found at https://ibn.fm/DJora.

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The implications of this proxy fight extend beyond the two companies. If SkyAI shareholders vote against the equity incentive plan and withhold on the director nominees, it could force the board to reconsider its strategy and potentially reopen dialogue with Forward. Conversely, if shareholders side with SkyAI’s board, it may reinforce the company’s independent path despite its recent losses. For the broader Texas business community, the case underscores the importance of shareholder rights and the potential for activist investors to shape corporate decisions, especially in the fast-evolving digital asset space.