A corporate governance battle is escalating in the Solana treasury sector ahead of SkyAI’s annual shareholder meeting on September 18, 2026. According to a September 3 SEC filing, Bastion Trading and affiliated shareholders controlling a 9.99% stake in SkyAI intend to vote “WITHHOLD ALL” against the company’s five director nominees.
The shareholder group cited recent bylaw changes that weakened shareholder rights, the adoption of a “poison pill” plan without a shareholder vote, and related-party transactions. Forward Industries, the largest publicly traded Solana treasury company, added pressure with an open letter on Wednesday urging shareholders to also withhold votes from all five directors and reject the proposed 2026 equity incentive plan. The plan would authorize up to 5.145 million additional shares for stock-based compensation, diluting existing shareholders by more than 7%.
SkyAI, formerly known as Sharps Technology, has pivoted toward “Agentic Finance for the Global South,” combining stablecoin infrastructure with artificial intelligence. The company controls the fifth-largest publicly traded Solana treasury with 2,009,494 SOL, valued at roughly $207 million. Forward Industries holds the largest reserve at 7,013,536 SOL, worth more than $722 million. Forward had offered to acquire SkyAI in an all-stock deal worth $1.55 per share in June, a 20% premium at the time. SkyAI’s board unanimously rejected the proposal in July, according to Forward.
Since the rejection, Forward shares have risen more than 50%, while SkyAI shares remain near $1.35. Forward also raised concerns over related-party arrangements involving entities controlled by the brother of SkyAI director and CIO Alice Zhang, including warrants valued at more than $100 million. Solana traded around $103 on Wednesday, just below the seven-month high of $110 reached two weeks ago.
