Forward Industries Mounts Hostile Proxy Fight Against SkyAI Board

Forward Industries moved directly on Solana treasury firm SkyAI on September 9, 2026, launching a hostile campaign to unseat the company’s sitting board of directors alongside an allied shareholder bloc. The confrontation follows months of brewing friction over corporate capital management and executive compensation. SkyAI had maintained sole discretion over its corporate treasury and internal equity awards, operating as a dedicated holding vehicle for the Solana network. Management sought to expand that mandate by submitting an incentive program authorizing 5.145 million new shares for stock-based pay. That plan triggered immediate pushback from outside investors because it introduced roughly 7.2% in additional equity dilution without securing prior shareholder consensus. The pivot arrived on September 9, 2026, when Forward Industries formally united with activist shareholders to contest SkyAI’s leadership slate and halt the dilution package.

The challenger bloc contends that existing leadership has prioritized dilutive insider rewards over treasury preservation. By pushing for board replacement, Forward Industries aims to install new management capable of redirecting corporate strategy and resolving acquisition talks. SkyAI’s underlying asset exposure sits squarely on Solana, making internal governance directly sensitive to token valuation and treasury management discipline. CoinGecko at 14:00 UTC September 9 puts SOL at $103.33, recording a 0.37% daily dip alongside a 4.20% gain over the past 7 days. Network trading volume reached $2,935.6 million over the previous 24 hours. Solana currently has a circulating supply of 586.25 million tokens against a total supply of 633.74 million. Market observers are tracking whether SkyAI will revise the 5.145 million share authorization before formal voting deadlines. A shareholder meeting date will determine whether Forward Industries secures enough votes to replace incumbent directors and control the corporate treasury.