TL;DR:
- Bastion Trading and allied shareholders control 9.99% of SkyAI and confirmed they will vote against the five nominated directors.
- Forward Industries holds 7,013,536 SOL in its treasury and rejected SkyAI’s compensation plan to issue 5.145 million shares.
- SkyAI custodies the fifth-largest public Solana treasury, holding 2,009,494 SOL valued at approximately $207 million.
This Wednesday, Bastion Trading and Forward Industries formalized their opposition to the reelection of SkyAI’s board of directors. The corporate offensive comes just days ahead of the annual shareholder meeting scheduled for September 18, 2026. The corporate battle involves two of the largest institutional holders within the Solana ecosystem.
According to a regulatory filing with the U.S. Securities and Exchange Commission (SEC) dated September 3, Bastion Trading and its affiliated entities announced their intention to withhold votes on all five board nominees. The investor group based its decision on recent amendments to internal bylaws that reportedly restricted minority shareholder rights.
The document filed with the regulator highlights that SkyAI management adopted a shareholder rights plan—commonly known as a “poison pill”—without submitting it to a prior shareholder vote.
Meanwhile, Forward Industries issued an open letter on Wednesday to SkyAI’s shareholder base urging them to mirror this opposition. According to Forward’s official release, the firm is calling to vote against all five director nominees and to oppose the 2026 equity incentive plan proposed by current management.
This incentive plan seeks authorization to issue 5.145 million additional shares for stock-based compensation. According to estimates outlined by Forward in its letter, the move would result in share dilution exceeding 7.2% for existing equity holders.
Governance Conflicts and Capital Reserves
SkyAI, previously known as Sharps Technology, pivoted its core operations toward developing agentic finance infrastructure integrated with artificial intelligence and stablecoins. In terms of digital holdings, the firm manages 2,009,494 SOL in corporate reserves, representing a valuation close to $207 million.
On the other side, Forward Industries commands the largest corporate balance sheet in the asset with 7,013,536 SOL, valued at more than $722 million at the market close.
The firm previously sought to consolidate its footprint in the sector through an all-stock buyout offer presented in June 2026, which valued SkyAI shares at $1.55 per unit. At the time, this proposal represented a 20% premium, based on an exchange ratio of 0.367 Forward shares for each share of SkyAI.
According to statements from Forward Industries, the board of SkyAI unanimously rejected the merger proposal in July without engaging in direct discussions.
Following that rejection, Forward shares gained over 50% in public markets, while SkyAI’s share price hovered near $1.35. Forward’s open letter emphasizes that, given the performance spread between both equities in recent weeks, the initial exchange ratio would represent a significantly higher premium for shareholders today.
The corporate filing also questions related-party transactions within SkyAI’s executive structure. Specifically, Forward’s report points to agreements involving entities controlled by the brother of director and Chief Investment Officer Alice Zhang, which reportedly included the issuance of financial guarantees exceeding $100 million.
In spot markets, Solana traded around $103 on September 9, after touching a six-month high of $110 in late August. Forward Industries reiterated that it remains open to executing a strategic transaction should shareholders reconstitute the board.
The resolution of this corporate dispute now rests on the shareholder vote formally convened for the annual meeting on September 18, 2026.
