SkyAI Board Takeover Battle Erupts Between Bastion Trading and Forward Industries

SkyAI, a firm managing Solana treasury operations, is facing opposition to its board of directors from two major institutional holders, Bastion Trading and Forward Industries. The corporate battle centers around recent amendments to internal bylaws restricting minority shareholder rights.

Bastion Trading and affiliated entities control 9.99% of SkyAI shares and have announced their intention to withhold votes on all five nominated directors. They cited the company's decision to adopt a shareholder rights plan, also known as a 'poison pill,' without prior shareholder approval.

Forward Industries, which holds 7,013,536 SOL in its treasury, has also rejected SkyAI's compensation plan to issue 5.145 million shares. Forward's open letter urges shareholders to mirror Bastion Trading's opposition and vote against the proposed equity incentive plan, citing share dilution exceeding 7.2% for existing equity holders.

Forward Industries previously offered to acquire SkyAI through an all-stock buyout proposal in June, valuing SkyAI shares at $1.55 per unit. The offer represented a 20% premium based on the exchange ratio of 0.367 Forward shares for each share of SkyAI.