GlobeNewswire·Sep 9, 2026, 12:22 PM ET

Forward Industries Urges Shareholders of SkyAI to Vote No at the 2026 Annual Meeting

Forward Industries submitted an all-stock acquisition proposal on June 15, 2026, valuing SkyAI at $1.55 per share for a 20% premium, which the SkyAI Board unanimously rejected without engagement.
SkyAI paid $3.33 million in consulting fees to Sol Edge Limited & issued warrants valued at $101.3 million to Sol Markets, entities controlled by the brother of SkyAI's Chief Investment Officer & director.
The $101.3 million value of warrants issued to a related party nearly doubles SkyAI's entire market capitalization of approximately $58 million as of September 8, 2026.
SkyAI reported a net loss of $23.3 million for Q2 2026 & total operating revenue of only $204,000 for fiscal 2025.
SkyAI trades at the lowest mNAV among Solana-focused treasury peers & has underperformed SOL by approximately 17% year-to-date.
Forward urges shareholders to vote AGAINST the 2026 Equity Incentive Plan, which would authorize 5,145,000 additional shares causing ~7.2% dilution.
Forward requests shareholders vote WITHHOLD on all five director nominees to register opposition to the Board's record of value destruction & related-party arrangements.
The 2026 Annual Meeting is scheduled for September 18, 2026, in Austin, TX.