SkyAI, a Solana treasury company, is facing a governance dispute after shareholder Bastion Trading Limited, which owns 9.99% of the company, said in an SEC filing that it intends to vote against all five incumbent directors at the annual meeting scheduled for Sept. 18. Bastion said it is concerned about amendments to the company’s bylaws that it believes weakened shareholder rights, the board’s adoption of a poison pill without a shareholder vote, and related-party transactions. The filing adds to scrutiny around the company’s governance after independent director Annemarie Tierney resigned in December 2025, having previously raised potential conflicts of interest and related-party transaction issues with management. SkyAI was formerly Sharps Technology and raised more than $400 million through a PIPE financing in August 2025 to build a Solana treasury. The company currently holds about 2 million SOL, with a current market value of about $59 million. Its stock has fallen about 86% over the past year.
SkyAI, a Solana treasury company, is facing a governance crisis after Bastion Trading Limited, which holds a 9.99% stake, said in an SEC filing that it plans to vote against all five incumbent directors at the company’s Sept. 18 annual shareholder meeting.
Bastion said its concerns center on three issues: amendments to the company’s bylaws that weakened shareholder rights, the board’s adoption of a poison pill without a shareholder vote, and related-party transactions.
The filing also points to the resignation of independent director Annemarie Tierney in December 2025. Before leaving, she had raised potential conflicts of interest and questions over related-party transactions with management.
Solana treasury built after PIPE financing
SkyAI was formerly known as Sharps Technology. In August 2025, the company raised more than $400 million through a private investment in public equity, or PIPE, to establish a Solana treasury.
It currently holds about 2 million SOL, with the position carrying a current market value of about $59 million. The company’s stock is down about 86% over the past year.
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