SkyAI Faces Board Challenge from Forward Industries and Shareholder Group

SkyAI, a Solana treasury firm, is facing pressure from shareholders and would-be acquirer Forward Industries ahead of its annual meeting on September 18.

A shareholder group led by Bastion Trading, which controls a 9.99% stake in SkyAI, has announced that it intends to vote 'WITHHOLD ALL' on the company's five director nominees due to concerns over recent bylaw changes and related-party transactions.

Forward Industries, which holds the largest Solana treasury, has also published an open letter urging SkyAI shareholders to withhold their votes from all directors and reject a proposed equity incentive plan that would dilute shareholders by more than 7%.

The plan, which would authorize the issuance of 5.145 million additional shares, was unanimously approved by SkyAI's board in June without a shareholder vote.