SkyAI Governance Battle Threatens Solana Price Rally
SkyAI, the company formerly known as Sharps Technology, holds an impressive 2.08 million SOL tokens worth approximately $207 million, making it one of the largest public corporate holders of Solana.
This exposure gives SkyAI a meaningful connection to the Solana market, and its latest governance battle is worth watching closely. The dispute began in June 2026 when Forward Industries submitted an all-stock acquisition proposal for SkyAI at a premium, but the board unanimously rejected the offer.
The activist shareholders, along with firms such as Bastion Trading and Forward Industries, have raised concerns about related-party transactions and urged shareholders to vote against current board members.
A group holding nearly 10% of SkyAI plans to oppose the reelection of the entire board ahead of the September 18 annual meeting. They've cited weakened shareholder rights, a 'poison pill,' and related-party dealings as their concerns.
The SOL price has been climbing since mid-May after finding support near $60, which aligned with the lower boundary of a falling-wedge pattern. A golden cross is also close to forming, potentially adding strength to the bullish setup.