Bastion Trading Urges SkyAI Board Changes After Investor Rebukes
The shareholder group owns about 9.99% of SkyAI and questioned $5 million in first-half consulting fees paid to Sol Edge.
Bastion Trading and affiliated entities are urging SkyAI (Nasdaq: SKYA) to engage shareholders and add new directors after investors rejected the company’s equity plan and voted against all five incumbent directors at its Sept. 18 annual meeting.
The shareholder group, which beneficially owns about 9.99% of SkyAI, said the directors each received more votes against them than votes in support. SkyAI’s 2026 Equity Incentive Plan also failed, with about 82% of votes cast against it.
Bastion specifically questioned $5 million in consulting fees SkyAI paid to Sol Edge during the first half of 2026. The amount equaled about 92% of SkyAI’s $5.46 million in staking revenue for the period.
Sol Edge is controlled by the brother of Yuwen (Alice) Zhang, a SkyAI director and chief investment officer. Bastion questioned whether the arrangement directs economic value to related parties and management without providing sufficient benefit to shareholders.
Bastion said it is prepared to pursue available legal remedies if the board does not engage in a timely and substantive manner.
