SkyAI Board Battle Escalates as Forward Industries and Bastion Trading Oppose Director Re-election
A corporate battle is brewing at Solana Treasury firm SkyAI as Forward Industries and Bastion Trading, two of the largest institutional holders in the Solana ecosystem, have formally opposed the reelection of SkyAI's board of directors.
The opposition comes just days before the annual shareholder meeting scheduled for September 18, 2026. Bastion Trading and its affiliated entities announced their intention to withhold votes on all five board nominees due to recent amendments to internal bylaws that restricted minority shareholder rights.
Forward Industries has issued an open letter to SkyAI's shareholder base urging them to mirror this opposition and vote against the five director nominees and oppose the 2026 equity incentive plan proposed by current management. The plan seeks authorization to issue 5.145 million additional shares for stock-based compensation, which Forward estimates would result in share dilution exceeding 7.2% for existing equity holders.
SkyAI manages a substantial Solana treasury, holding $207 million worth of $SOL, while Forward Industries commands the largest corporate balance sheet in the asset with over $722 million in its treasury. Forward previously proposed an all-stock buyout offer for SkyAI shares at $1.55 per unit, which was unanimously rejected by the SkyAI board in July.