Forward Industries Escalates Proxy Fight Against SkyAI Board Over Rejected Bid and Related-Party Payments — Forward Industries, Inc.

Event summary

Forward Industries proposed a $1.55 per share acquisition of SkyAI on June 15, 2026, a 20% premium to SkyAI’s prior closing price, which was unanimously rejected by SkyAI’s board.
SkyAI paid $3.33 million in consulting fees to Sol Edge Limited, controlled by the brother of SkyAI’s CIO and director, with a prepaid expense of $6.67 million recorded as of December 31, 2025.
SkyAI issued warrants valued at $101.3 million to Sol Markets, also controlled by the same family member, nearly double SkyAI’s $58 million market capitalization as of September 8, 2026.
SkyAI reported a net loss of $23.3 million for Q2 2026, with total operating revenue of just $204,000 for fiscal 2025.
Forward urges shareholders to vote against SkyAI’s 2026 Equity Incentive Plan and withhold votes on all five director nominees at the September 18, 2026 annual meeting.

The big picture

Forward Industries’ aggressive proxy campaign against SkyAI highlights growing tensions in the Solana ecosystem around corporate governance and capital allocation. The rejected acquisition bid and concerns over related-party payments underscore broader industry challenges in balancing strategic growth with shareholder accountability. With SkyAI’s underperformance and significant losses, the outcome of the September 18 annual meeting could set a precedent for governance standards in digital asset treasury companies.

What we're watching

Governance Dynamics: Whether SkyAI shareholders will heed Forward’s call to withhold votes on directors, potentially signaling broader dissatisfaction with the board’s stewardship.
Strategic Realignment: How Forward Industries will proceed if its proxy efforts fail, including potential further escalation or alternative value-creation strategies.
Regulatory Scrutiny: The likelihood of increased regulatory attention on SkyAI’s related-party transactions, given their scale and potential conflicts of interest.