SkyAI faces shareholder revolt over equity plan and Solana treasury

SkyAI, Inc. is facing a significant corporate governance challenge from shareholders and Forward Industries ahead of its September 18 annual meeting. The dispute centers on a proposed 2026 Equity Incentive Plan that would authorize 5,145,000 new shares, resulting in approximately 7.2% dilution for existing shareholders.

SkyAI, which trades on the Nasdaq, has undergone a strategic pivot from medical devices to becoming a digital asset treasury company. The firm holds approximately 2.08 million Solana (SOL) tokens, valued at roughly $207 million, which is more than three times its current market capitalization of about $59 million.

Forward Industries previously submitted an all-stock acquisition proposal in June 2026, which the SkyAI board unanimously rejected. In response, Forward Industries and other activist groups, including Bastion Trading, have urged shareholders to vote against the equity plan and to withhold votes from all five incumbent director nominees, citing concerns over related-party transactions and weakened shareholder rights.