SkyAI Faces Shareholder and Acquirer Pressure Ahead of Board Vote

According to The Block, SkyAI, a financial firm associated with Solana, is facing dual pressure ahead of its annual general meeting on September 18: Bastion Trading, which holds a 9.99% stake in the company, along with affiliated shareholders, has announced it will vote “against” all five director nominees, citing reasons including the company’s unilateral amendments to its articles of incorporation, the implementation of a “poison pill” plan without shareholder approval, and concerns over related-party transactions. Meanwhile, Forward Industries, Solana’s largest publicly traded financial firm and a potential acquirer, has issued an open letter urging shareholders to vote against all director nominees and the company’s proposed 2026 equity incentive plan—which would authorize an additional 5,145,000 shares for equity incentives, resulting in over 7.2% dilution. Forward had previously proposed in June to acquire SkyAI in an all-stock transaction at $1.55 per share—a 20% premium over the then-current price—but the board rejected the offer in July. Since then, Forward’s stock has risen more than 50%, while SkyAI’s shares have remained largely flat at $1.35. Forward has also raised concerns regarding related-party transactions involving the brother of Alice Zhang, SkyAI’s Chief Information Officer and director, and stated it remains open to a potential strategic merger.