SkyAI Shareholders Plan to Vote Against All Directors, Governance Crisis Intensifies

SkyAI shareholder Bastion Trading Limited 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 concerns over the company's amendments to its bylaws that weaken shareholder rights, the board's implementation of a poison pill plan without shareholder votes, and related party transactions. Independent director Annemarie Tierney resigned in December 2025, having raised potential conflicts of interest and related party transaction issues with management. SkyAI, formerly Sharps Technology, raised over $400 million through PIPE financing in August 2025 to establish a Solana treasury, currently holding approximately 2 million SOL, valued at about $59 million, with its stock price having dropped about 86% over the past year.