Major SkyAI shareholder Bastion Trading plans to withhold votes for all directors at September 18 meeting over governance concerns and 86% stock decline.
Regulation & Gov ·
Bastion Trading, holding 9.99% of SkyAI, filed to oppose all five board directors at the company's September 18 meeting, citing governance issues including bylaw changes that reduced shareholder protections, an adopted "poison pill" lacking shareholder approval, and related-party dealings. The Solana treasury company's stock has declined roughly 86% over the past year despite raising over $400 million via PIPE financing in August 2025 to accumulate approximately 2 million SOL, with backers including ParaFi, Pantera, and FalconX among others. An independent director resigned in December after flagging potential conflicts of interest tied to the treasury strategy, according to company filings.