SkyAI board keeps seats after protest as shareholders reject equity plan

All five SkyAI directors retained their seats after an opposition campaign by Forward Industries and Bastion Trading. A Thursday SEC filing showed that each director received between 18.4 million and 20.7 million withheld votes. Each director received between 6.9 million and 9.2 million votes in support. SkyAI's plurality voting rule did not count withheld votes against nominees. Shareholders rejected SkyAI's proposed 2026 equity incentive plan by 22.5 million votes against and 5 million votes in favor. The plan would have authorized 5 million shares for stock-based compensation. Forward has sought to acquire SkyAI since mid-June. SkyAI rejected Forward's first offer. Forward submitted an updated proposal on Sept. 15. The proposal values each SkyAI share at the equivalent of 0.306 Forward shares. SkyAI has not publicly announced a decision on the updated offer. Forward requested a response by 5 p.m. ET on Sept. 25. SkyAI shares rose 4.4% on the day and fell 15.8% this year. Forward shares rose 2.5% on the day and gained around 23% year-to-date.