SkyAI Reelects Five Directors, Equity Incentive Plan Rejected

At the annual shareholders' meeting of SkyAI, five directors were reelected, with each director receiving approximately 6.9 million to 9.2 million votes in favor, and retaining votes ranging from about 18.4 million to 20.7 million. Due to the use of a relative majority rule, the retained votes were not counted as opposing votes, allowing the directors to keep their positions. Prior to the meeting, Forward Industries and Bastion Trading had called for shareholders to cast retained votes for all directors. Shareholders voted approximately 22.5 million votes against and 5 million votes in favor, rejecting the 2026 equity incentive plan, which proposed to allocate up to approximately 5.145 million shares for equity rewards. Forward has requested that SkyAI respond to its revised acquisition proposal by 5 PM Eastern Time on September 25.

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