SkyAI, which trades on Nasdaq under the ticker SKYA, pivoted from medical devices to becoming a digital asset treasury company focused on Solana. In August 2025, the company raised over $400 million via a PIPE investment to accumulate SOL tokens. Currently, SkyAI holds approximately 2.08 million SOL, valued at around $207 million.
The company's market capitalization is approximately $59 million, while its shares have dropped roughly 86% over the last year. This creates a significant gap between the company's net asset value and its market price, as the treasury is worth more than three times its market cap.
Forward Industries (FWDI), another Nasdaq-listed company, proposed an all-stock acquisition of SkyAI in June 2026 with a 20% premium. The SkyAI board unanimously rejected the offer. In response, Forward Industries issued an open letter on September 9, urging shareholders to vote against the 2026 Equity Incentive Plan and the five incumbent director nominees.
Bastion Trading, which owns approximately 9.99% of SkyAI shares, has also signaled its intent to withhold votes for the current directors. Shareholders are also criticizing the board's adoption of a 'poison pill' defense mechanism without a shareholder vote.
The disputed 2026 Equity Incentive Plan would authorize 5,145,000 new shares for stock-based compensation, resulting in approximately 7.2% dilution. Activist shareholders argue this transfers potential upside from existing shareholders to executives and employees.