NetworkNewsBreaks – Forward Industries, Inc. (NASDAQ: FWDI) Urges SkyAI Shareholders to Oppose Equity Plan, Withhold Votes on Director Nominees
Forward Industries (NASDAQ: FWDI) issued an open letter to SkyAI shareholders outlining concerns about the company and urging shareholders to vote against SkyAI’s 2026 Equity Incentive Plan and withhold votes on each of its five director nominees at the Sept. 18, 2026, annual meeting. Forward cited SkyAI’s rejection of its June 15 all-stock acquisition proposal valued at $1.55 per share, which represented a 20% premium to SkyAI’s prior closing price, as well as concerns regarding related-party arrangements, financial performance and shareholder value. Forward said SkyAI’s proxy disclosed $3.3 million in 2025 consulting fees to Sol Edge Limited and warrants valued at approximately $101.3 million issued to Sol Markets, entities it said are owned and controlled by the brother of SkyAI Chief Investment Officer and director Yuwen (Alice) Zhang.
Forward is asking shareholders to vote against the proposed equity incentive plan, which would authorize 5,145,000 additional shares for equity awards, representing approximately 7.2% additional dilution, and withhold votes on all five director nominees. Forward noted that the equity plan can be defeated by a majority of votes cast against it, while SkyAI’s uncontested plurality voting structure means individual director nominees cannot be defeated solely through withhold votes. Forward said it remains confident in the strategic rationale for a combination with SkyAI and is prepared to engage regarding a potential strategic transaction.
To view the full press release, visit https://nnw.fm/1Yn1Q
NOTE TO INVESTORS: The latest news and updates relating to FWDI are available in the company’s newsroom at https://nnw.fm/FWDI
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
Forward Industries (NASDAQ: FWDI) issued an open letter to SkyAI shareholders outlining concerns about the company and urging shareholders to vote against SkyAI’s 2026 Equity Incentive Plan and withhold votes on each of its five director nominees at the Sept. 18, 2026, annual meeting. Forward cited SkyAI’s rejection of its June 15 all-stock acquisition proposal valued at $1.55 per share, which represented a 20% premium to SkyAI’s prior closing price, as well as concerns regarding related-party arrangements, financial performance and shareholder value. Forward said SkyAI’s proxy disclosed $3.3 million in 2025 consulting fees to Sol Edge Limited and warrants valued at approximately $101.3 million issued to Sol Markets, entities it said are owned and controlled by the brother of SkyAI Chief Investment Officer and director Yuwen (Alice) Zhang.
Forward is asking shareholders to vote against the proposed equity incentive plan, which would authorize 5,145,000 additional shares for equity awards, representing approximately 7.2% additional dilution, and withhold votes on all five director nominees. Forward noted that the equity plan can be defeated by a majority of votes cast against it, while SkyAI’s uncontested plurality voting structure means individual director nominees cannot be defeated solely through withhold votes. Forward said it remains confident in the strategic rationale for a combination with SkyAI and is prepared to engage regarding a potential strategic transaction.
To view the full press release, visit https://nnw.fm/1Yn1Q
NOTE TO INVESTORS: The latest news and updates relating to FWDI are available in the company’s newsroom at https://nnw.fm/FWDI
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
