Bastion Trading Threatens Legal Action Over SkyAI Governance Concerns

Bastion Trading has escalated its pressure on SkyAI's board of directors after a contentious shareholder vote. The firm, which owns roughly 9.99% of SkyAI, is demanding a full overhaul of the company's leadership and threatening legal action if its demands are ignored.

The move comes after SkyAI's September 18 annual meeting, where all five incumbent directors received more withheld votes than votes in favor. However, due to SkyAI's bylaws using a plurality voting rule, none of the directors lost their seats.

Shareholders also rejected SkyAI's proposed 2026 equity incentive plan, with approximately 82% voting against it. The plan would have made up to 5.145 million shares available for stock-based compensation.

The rejection highlights deep discontent among shareholders regarding SkyAI's pay practices and governance. Bastion Trading has signaled its willingness to take the dispute further through legal channels if necessary, potentially affecting investor confidence in the Solana ecosystem.