Forward Industries urged SkyAI shareholders to vote against SkyAI’s 2026 Equity Incentive Plan and withhold votes from all five director nominees at the company’s September 18, 2026 annual meeting. Forward submitted an all-stock proposal on June 15 valuing SkyAI at $1.55 per share, a 20% premium to SkyAI’s previous closing price of $1.29, but SkyAI’s board unanimously rejected it on July 17. Forward said the proposal carried a 0.367 exchange ratio and represented approximately an 88% premium at current prices. The company’s campaign focuses on SkyAI’s proposed issuance of 5,145,000 additional shares, equivalent to about 7.2% dilution, as well as related-party arrangements disclosed in SkyAI’s proxy statement. Those arrangements included $3,333,333 in 2025 consulting fees to Sol Edge Limited, a $6,666,667 prepaid expense, and warrants valued at approximately $101.3 million issued to Sol Markets. Both entities are controlled by James Zhang, the brother of Yuwen (Alice) Zhang, SkyAI’s Chief Investment Officer and a director standing for re-election. Forward also cited SkyAI’s $23.3 million second-quarter 2026 net loss, $2.3 million in net staking revenue, $204,000 in fiscal 2025 operating revenue and approximately 17% year-to-date underperformance against SOL. SkyAI’s plan requires approval by a majority of votes cast, while its uncontested director election uses plurality voting, meaning withholding votes cannot alone defeat a nominee. Forward said it remains open to discussions about a strategic transaction and disclosed that its communication is an exempt solicitation, not a request for proxy authority.