SkyAI faces board challenge from Forward Industries over equity plan

SkyAI, Inc. has a problem that reads like a corporate governance textbook case study. Its Solana treasury is worth roughly $207 million. Its market cap sits at about $59 million. And a growing coalition of shareholders is showing up to its September 18 annual meeting with votes prepared to reject management’s agenda entirely. The immediate flashpoint is SkyAI’s proposed 2026 Equity Incentive Plan, which would authorize 5,145,000 new shares for stock-based compensation. That represents approximately 7.2% dilution to the existing share base, a number that Forward Industries, one of the company’s vocal critics, has decided is a step too far. How we got here SkyAI’s current situation is the product of an aggressive strategic pivot. The company, which trades on the Nasdaq under the ticker SKYA, shifted away from its medical devices business and repositioned itself as a digital asset treasury company centered on Solana holdings. To fund that strategy, SkyAI raised over $400 million through a private investment in public equity, known as a PIPE, in August 2025. The proceeds went toward accumulating SOL, and the company now holds approximately 2.08 million tokens. At recent prices, that st...