After Will Smith slapped Chris Rock at the Oscar’s last night, board members of the Academy of Motion Picture Arts and Sciences have reportedly called an emergency meeting to discuss how to proceed. In a statement, the Academy formally condemned the smack, and announced that they had “initiated a formal review around the incident and will explore further action and consequences.” The Hollywood Reporter reports that Smith will likely be sanctioned, and it’s possible his membership with the Academy will be suspended. But it isn’t likely that his award for Best Actor—which he received after slugging Rock—will be revoked, THR reports.