Sky Quarry Inc. Approves Reverse Split Proposals and 2026 Incentive Plan

What Happened

• Sky Quarry Inc. (SKYQ) held a special meeting of stockholders on September 18, 2026 (record date July 24, 2026). Of 8,808,017 shares outstanding, 4,481,963 were represented, constituting a quorum.
• Shareholders voted to approve amendments allowing the Board discretion to implement a reverse stock split of common stock at a ratio between 1‑for‑2 and 1‑for‑25. Both the First Reverse Stock Split (to be effected on or before two years from approval) and the Second Reverse Stock Split (to be effected after the First, and on or before two years from its approval) were approved by a majority of votes cast, but did not receive a majority of all outstanding shares.
• Stockholders also approved the Sky Quarry Inc. 2026 Omnibus Incentive Plan and approved adjournment authority if additional proxy solicitation was needed.

Key Details

• Record and quorum: 8,808,017 shares outstanding; 4,481,963 shares represented at the meeting.
• Proposal 1 (First Reverse Split) vote: For 3,678,019; Against 710,157; Abstain 93,787; Broker non‑votes 0.
• Proposal 2 (Second Reverse Split) vote: For 3,600,553; Against 777,756; Abstain 103,652; Broker non‑votes 0.
• Proposal 3 (2026 Omnibus Incentive Plan) vote: For 2,041,965; Against 378,858; Abstain 110,799; Broker non‑votes 1,950,340.
• Proposal 4 (Adjournment) vote: For 3,658,519; Against 646,051; Abstain 177,394; Broker non‑votes 0.

Why It Matters

• The Board now has shareholder authorization to consolidate shares within a 1‑for‑2 to 1‑for‑25 range, potentially reducing the number of outstanding shares and increasing the per‑share price if the Board elects to implement a reverse split. The exact ratio and timing are at the Board’s discretion within the approved windows.
• Although both split proposals passed by a majority of votes cast, they did not receive a majority of all outstanding shares — a detail investors should note when assessing how and when the Board might act.
• Approval of the 2026 Omnibus Incentive Plan allows the company to grant equity and other awards under that plan, which can affect future dilution and executive compensation.