SkyAI faces a coordinated shareholder challenge before its September 18, 2026 annual meeting, with 9.99% holder Bastion Trading planning to withhold votes from all five incumbent directors and Forward Industries urging investors to reject the 2026 Equity Incentive Plan and withhold votes from the same nominees. The plan would authorize 5,145,000 shares, representing approximately 7.2% dilution. SkyAI’s Solana treasury comprises about 2.08 million SOL valued at roughly $207 million, while its market capitalization is approximately $59 million after the stock fell about 86% over the past year. Forward’s all-stock acquisition proposal, valued at $1.55 per share and offering a 20% premium to SkyAI’s pre-proposal price, was unanimously rejected on July 17. The campaign also cites an unapproved poison pill, weakened shareholder rights, related-party arrangements involving entities controlled by James Zhang, the brother of SkyAI Chief Investment Officer and director nominee Yuwen (Alice) Zhang, and weak financial performance. SkyAI raised more than $400 million through a PIPE in August 2025 to establish its Solana treasury.