Bastion Trading, a shareholder in Solana treasury company SkyAI (Nasdaq: SKYA), is pressing the company’s board to engage with investors and add new independent directors, while challenging whether SkyAI’s related-party payment structure adequately protects shareholder interests. Bastion Trading and its affiliates said they collectively own about 9.99% of SkyAI.
The firm pointed to a $5 million consulting payment that SkyAI made in the first half of the year to Sol Edge, a related party. According to Bastion, that amount was equal to roughly 92% of SkyAI’s $5.46 million in staking revenue over the same period. Bastion also said Sol Edge is controlled by the brother of SkyAI director and chief investment officer Yuwen (Alice) Zhang.
Bastion said it is questioning whether arrangements of this kind direct value created by the company to related parties and management rather than fully benefiting shareholders. The shareholder added that if the board does not begin timely and substantive engagement, it is prepared to pursue all available legal remedies to protect its investment and shareholder rights. The report was cited by Techub News and attributed to Wu Blockchain.
Techub News reported that Bastion Trading, a shareholder in Solana treasury company SkyAI (Nasdaq: SKYA), is urging the company’s board to engage with investors, add new independent directors, and address concerns over related-party fees and shareholder protections.
Bastion Trading said it and its affiliates together hold about 9.99% of SkyAI’s shares.
Bastion challenges consulting payments to Sol Edge
The shareholder said SkyAI paid $5 million in consulting fees in the first half of the year to Sol Edge, a related party. Bastion said that figure was equal to about 92% of the company’s $5.46 million in staking revenue during the same period.
According to Bastion, Sol Edge is controlled by the brother of SkyAI director and chief investment officer Yuwen (Alice) Zhang. The firm questioned whether this type of arrangement channels value created by the company to related parties and management instead of fully benefiting shareholders.
Call for board engagement and new independent directors
Bastion said it wants the board to begin timely, substantive discussions and bring in new independent directors.
The firm added that if the board fails to engage in a timely and meaningful way, it is prepared to pursue all available legal remedies to protect its investment and shareholder rights.
The item was cited by Wu Blockchain in the Techub News report.
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