Solana Treasury Company SkyAI Shareholders Move to Reject All Directors, Company in Governance Crisis

Odaily News - Bastion Trading Limited, a shareholder holding 9.99% of Solana treasury company SkyAI, stated in an SEC filing that it plans to vote against all five current directors at the annual shareholder meeting on September 18. Bastion expressed deep concerns over the company's amendments to its bylaws that weaken shareholder rights, the board's implementation of a poison pill without shareholder vote, and related-party transactions. Independent director Annemarie Tierney resigned in December 2025, having previously raised issues regarding potential conflicts of interest and related-party transactions with management. SkyAI, formerly Sharps Technology, raised over $400 million through a PIPE financing in August 2025 to establish a Solana treasury, and currently holds approximately 2 million SOL with a current market value of around $59 million. The stock has fallen approximately 86% over the past year.