SkyAI Nearly 10% of Shareholders: All Five Directors Vote WITHHOLD
A shareholder group holding about 9.99% has already filed a Schedule 13D: at the annual meeting, they plan to elect those five incumbent directors and vote all WITHHOLD ALL.
The issues raised by Bastion / Lucio aren’t just that the share price looks bad. In the 13D, they allege the poison pill was adopted without a shareholder vote, the bylaws were amended to weaken written-consent rights, and they also point to related-party transactions involving entities connected to directors’ family members. The PIPE deal of roughly $400 million closed in August 2025; at the time, the narrative was about the Solana treasury. Now, nearly 10% of the shareholders are first moving on board seats—not again urging people to buy more SOL.
Don’t take this as, “If the treasury-story shares fall, then you should buy more.” WITHHOLD doesn’t mean replacing the entire slate immediately. Until the annual meeting results come out, this is still about taking a stance; warrants are also capped at 9.99% beneficial ownership, so anyone looking to add more would have to first get through that door.
Once the treasury story is done, governance provisions are the next page to turn.
$SOL
A shareholder group holding about 9.99% has already filed a Schedule 13D: at the annual meeting, they plan to elect those five incumbent directors and vote all WITHHOLD ALL.
The issues raised by Bastion / Lucio aren’t just that the share price looks bad. In the 13D, they allege the poison pill was adopted without a shareholder vote, the bylaws were amended to weaken written-consent rights, and they also point to related-party transactions involving entities connected to directors’ family members. The PIPE deal of roughly $400 million closed in August 2025; at the time, the narrative was about the Solana treasury. Now, nearly 10% of the shareholders are first moving on board seats—not again urging people to buy more SOL.
Don’t take this as, “If the treasury-story shares fall, then you should buy more.” WITHHOLD doesn’t mean replacing the entire slate immediately. Until the annual meeting results come out, this is still about taking a stance; warrants are also capped at 9.99% beneficial ownership, so anyone looking to add more would have to first get through that door.
Once the treasury story is done, governance provisions are the next page to turn.
$SOL
