Tension is building around Solana reserve firm SkyAI leading up to their September 18 annual gathering, as an investor coalition alongside prospective buyer Forward Industries are individually challenging the reelection of every member on the current board.
Bastion Trading alongside associated investors holding a 9.99% interest in SkyAI stated in a September 3 SEC filing that they plan to cast “WITHHOLD ALL” ballots regarding the five director candidates. The group pointed to worries concerning recent modifications to bylaws which they argue diminished investor protections, the implementation of a “poison pill” defense lacking a shareholder vote, and transactions involving connected parties.
Rival Solana treasury entity Forward Industries escalated the pressure on Wednesday by releasing an open letter encouraging SkyAI equity holders to similarly deny their support for all five directors and vote against the organization’s suggested 2026 equity incentive program. The proposal aims to grant the business authorization to distribute 5.145 million extra shares for equity-based compensation purposes, resulting in investor dilution exceeding 7% throughout the procedure.
SkyAI, previously recognized as Sharps Technology, has more recently shifted its focus toward what it defines as “Agentic Finance for the Global South,” blending stablecoin infrastructure with artificial intelligence capabilities. The corporation additionally oversees the fifth-largest publicly traded Solana reserve, possessing 2,009,494 SOL valued at approximately $207 million.
Conversely, Forward stands out as by far the largest Solana (SOL) treasury entity, holding 7,013,536 SOL valued at upwards of $722 million. The firm has sought to consolidate smaller market participants and proposed a takeover of SkyAI via an all-stock arrangement valued at $1.55 per share back in June, representing a 20% premium at that time. SkyAI leadership unanimously dismissed the bid in July, according to statements from Forward.
Ever since the rejection, equities of Forward (FWDI) have climbed by over 50% whereas SkyAI shares (SKYA) have remained essentially stagnant at $1.35.
Forward also brought up issues regarding SkyAI’s connected-party agreements connected to enterprises managed by the sibling of CIO and board member Alice Zhang. The public letter drew attention to warrants delivered to one of those businesses that SkyAI appraised at more than $100 million.
Forward maintains that it stays receptive to a potential “strategic deal” involving SkyAI.
Solana exchanged hands near $103 on Wednesday, sitting just slightly beneath the seven-month peak of $110 achieved two weeks prior.
SkyAI did not immediately issue a reply to inquiries for comment from The Block.
Originally published at https://www.theblock.co/news/business/2026-09-09-solana-treasury-firm-skyai-board-challenge-would-be-acquirer-forward-industries-shareholder-group-414061.
