SkyAI Shareholders Plan to Withhold Support for All Directors as Stock Falls About 86% Over the Past Year Bastion Trading, a 9.99% sharehol…
SkyAI Shareholders Plan to Withhold Support for All Directors as Stock Falls About 86% Over the Past Year
Bastion Trading, a 9.99% shareholder of Solana treasury company SkyAI (Nasdaq: SKYA), plans to vote “WITHHOLD ALL” on all five directors at the September 18 annual meeting. Bastion cited concerns over bylaws changes that weakened shareholder rights, a “poison pill” adopted without a shareholder vote, and related-party transactions.
SkyAI raised over $400 million through a PIPE to build a treasury of roughly 2 million SOL, but its share price has fallen about 86% over the past year. Other PIPE investors included ParaFi, Pantera, FalconX, Arrington Capital, Avenir, CoinFund, Arche Capital, Electric Capital, and Saba Capital.