All five directors at Solana treasury company SkyAI have retained their positions despite an opposition campaign led by Forward Industries and Bastion Trading.
A filing with the SEC on Thursday showed that each director received between 18.4 million and 20.7 million withheld votes, while votes in support ranged from 6.9 million to 9.2 million.
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However, SkyAI uses a plurality voting system, meaning withheld votes did not count against the nominees. As a result, all five directors remained on the board.
Forward had previously acknowledged that this outcome was likely when it encouraged shareholders to withhold their votes.
Shareholders did reject SkyAI’s proposed 2026 equity incentive plan by a substantial margin. The plan received 22.5 million votes against and 5 million in favour.
If approved, it would have authorised 5 million additional shares for stock-based compensation, alongside shares still available under the company’s existing plan.
Forward, currently the largest Solana treasury company by a wide margin, has been attempting to acquire SkyAI since mid-June. It submitted an updated proposal on 15 September after SkyAI rejected its initial offer.
The revised proposal values each SkyAI share (SKYA) at the equivalent of 0.306 Forward shares (FFWDI).
SkyAI has not publicly announced its decision on the second offer. Forward asked the company to respond by 5pm ET on Friday.
SkyAI shares rose 4.4% during the day but were down 15.8% for the year. Forward shares gained 2.5% and were up around 23% year-to-date.
