SkyAI

The company was incorporated in Wyoming on December 16, 2017, as Sharps Technology, Inc., a syringe medical device business that previously designed and manufactured conventional and safety syringes for clinical, pharmaceutical and specialty use.⁠[1][1]

On March 22, 2022, the company reincorporated in Nevada; on April 13 its initial public offering was declared effective by the U.S. Securities and Exchange Commission, selling units each consisting of one share of common stock and two warrants. Its common stock and warrants trade on the Nasdaq Capital Market, and its principal office is in Melville, New York.⁠[1][1][1][2][1]

On August 23, 2025, the company adopted a digital asset treasury strategy focused on accumulating SOL, the native token of the Solana blockchain; the same day, CEO Robert M. Hayes resigned from the board and as chief executive. On August 25 the company announced the pricing of a private placement (PIPE) of more than $400 million: investors bought common stock or pre-funded warrants at $6.50 per unit and received stapled warrants with a $9.75 exercise price and a three-year term, paying in U.S. dollars, USDC, USDT or SOL. Investors included ParaFi, Pantera, FalconXFalconXFalconX is a digital asset prime brokerage for institutional clients, providing crypto asset trading, financing, custody, and other services; in 2025 it acquired 21Shares, an issuer of crypto exchange-traded products.Open the full entry and Bastion Trading, with Cantor FitzgeraldCantor FitzgeraldCantor Fitzgerald is a New York-based financial services group that includes the investment bank and primary dealer Cantor Fitzgerald & Co. and controls the brokerage and financial technology company BGC Group and the commercial real estate services company Newmark Group; it lost 658 employees in the September 11, 2001 attacks, has been run since 2025 by Brandon Lutnick, son of Howard Lutnick, and has faced questions from members of Congress over its role as custodian of the reserves of the stablecoin issuer Tether and its stake in Tether.Open the full entry as lead placement agent.⁠[1][3][4][4][3][3][4][3]

Jambo co-founder Alice Zhang became chief investment officer and a director, and Jambo CEO James Zhang became strategic advisor. The company also signed a non-binding letter of intent with the Solana Foundation, under which the foundation committed, subject to conditions and solely from the proceeds of a public offering by the company, to sell $50 million of SOL at a 15% discount to a 30-day time-weighted average price.⁠[4][4][4][4]

The private placement closed on August 28, raising more than $400 million, with up to $600 million more if all warrants were exercised, for a total of $1 billion; the company then bought and held more than 2 million SOL (including staking rewards), using almost all of the proceeds, while keeping its medical device business.⁠[5][1][6][5]

On August 28, 2025, the company signed a treasury-policy consulting agreement with Sol Edge Limited and a strategic advisor agreement with the Cayman Islands company Sol Markets; both are wholly owned and controlled by James Zhang, the brother of chief investment officer Alice Zhang, and Alice Zhang’s husband was formerly a senior employee of Sol Edge. Under the agreement the company prepaid Sol Edge a $10 million annual fee for August 28, 2025, to August 27, 2026 (2.5% of its $400 million in digital assets at signing), with monthly fees based on account value thereafter, for a 20-year term. Sol Markets also received warrants to buy 6,321,367 shares, equal to 10% of the shares issued in the private placement.⁠[1][1][1][1][1][1][7]

On October 2, 2025, the board approved a share repurchase program of up to $100 million, and on October 6 the company signed an open-market repurchase agreement with Cantor Fitzgerald. The same day, the company entered into a confidential settlement agreement with Barry Berler, Plastomold Industries and others to resolve outstanding litigation, and transferred all shares of its Hungarian subsidiary Safegard Medical Kft, along with related patents and trademarks, to Plasto Technology.⁠[8][8][1][1]

On December 19, 2025, independent director Annemarie Tierney resigned from the board and from its audit and compensation committees. The company disclosed that she had raised concerns with management about potential conflicts of interest and related-party transactions with Sol Edge and Sol Markets.⁠[9][9]

On January 15, 2026, the board amended the bylaws to require that stockholder actions be taken at duly called meetings and to add advance notice requirements for stockholder proposals and director nominations; the same day the company signed a 90-day lock-up agreement with Sol Markets, which agreed not to sell its company shares or convertible securities during that period.⁠[10][10][11]

On May 13, 2026, the board adopted a limited-duration stockholder rights plan (a “poison pill”), triggered if any person or group acquires 15% or more of the common stock in a transaction not approved by the board.⁠[12][12]

On May 26, 2026, the company filed a charter amendment in Nevada changing its name to SkyAI, Inc.; from May 28 its common stock ticker changed from STSS to SKYA and its warrant ticker from STSSW to SKYAW. The company announced a pivot to an agentic finance platform for emerging markets in Asia, Latin America and Africa (the “Global South”), combining artificial intelligence with blockchain infrastructure including stablecoin rails to offer U.S. dollar savings alternatives, financial education and data-driven insights; it set up an international operational headquarters in Hong Kong and planned to use the Solana network as the foundation of its platform and treasury strategy.⁠[13][13][13][13][13][14][13]

On June 15, 2026, Forward Industries, another company holding a SOL treasury, publicly disclosed that it had made a non-binding all-stock merger proposal to SkyAI’s board: 0.367 newly issued Forward shares for each SKYA share, about $1.55, a premium of about 20% to the previous day’s close of $1.29; Forward said SkyAI had not responded by the proposal’s June 12 expiration. On July 17 SkyAI announced that a special committee of independent directors and the board had unanimously concluded the proposal was not in shareholders’ best interests and that it was not pursuing a transaction.⁠[15][15][15][16]

As of June 30, 2026, the company held 2,003,676 SOL, of which 1,494,026 were liquid and 509,650 locked (2,077,799 in total at the end of 2025); in the first half it sold 135,399 SOL at an average price of $92.09 against a cost basis of $200.79 each, and from January to June 2026 it repurchased 1,213,669 shares of common stock. The company said that from the launch of its treasury strategy in August 2025 through June 30, 2026, it had recognized more than $12 million in staking revenue net of validator commissions, and that it held about $12.1 million in cash and stablecoins with no debt.⁠[12][12][12][7][7]

On September 3, 2026, private-placement investor Bastion Trading and its affiliates filed a Schedule 13D disclosing beneficial ownership of about 9.99%, expressing concern about the company’s underperformance, corporate governance, conflicts of interest and related-party transactions, and stating that they intended to vote “withhold” on all five incumbent directors at the annual meeting.⁠[17][17][17]

On September 14, 2026, SkyAI issued shareholder materials responding to Forward’s public letter, reaffirming its SolanaSolanaSolana is a proof-of-stake (PoS) public blockchain designed for high throughput and low latency, with SOL as its native token; it was developed by Solana Labs and launched Mainnet Beta in March 2020. It is known for design choices such as its Proof of History clock and parallel execution, suffered several network-wide outages in its early years, and became one of the crypto industry’s focal points in events including the FTX collapse, U.S. SEC lawsuits, and the listing of Solana ETFs.Open the full entry digital asset treasury strategy and saying it still held more than 2 million SOL as its primary reserve asset, nearly all staked with institutional validators; regarding the roughly $101.3 million figure cited by Forward, the company explained it was the grant-date fair value of the Sol Markets warrants recognized under U.S. accounting rules, not a cash payment, and that the strategic advisor had not sold any shares or warrants.⁠[7][7][7]

The next day Forward made an updated offer: 0.306 Forward shares or equivalent cash for each SkyAI share, worth $2.13 at September 14 closing prices, a 50% premium to SkyAI’s close of $1.42 that day.⁠[18][18]

About 82.2% of eligible shares were represented at the September 18, 2026, annual meeting. All five director nominees, Soren Bo Christiansen, Paul K. Danner, Timothy J. Ruemler, Alice Zhang and Jason Monroe, received more withheld votes than votes in favor (Christiansen, for example, had 6.89 million votes for and 20.67 million withheld) but were still elected under plurality voting; the 2026 Equity Incentive Plan failed, with 5.05 million votes for and 22.46 million against.⁠[19][19][19][19][20][19][19]

On September 30 Bastion Trading issued a public letter urging the board to respect the message of the shareholder vote, engage promptly with shareholders and substantially reconstitute the board with new independent directors.⁠[20][20]

On October 11, 2026, SkyAI announced its intention to launch a cash tender offer to buy back up to 95% of each class of its common stock and cash pre-funded, cryptocurrency pre-funded and strategic advisor warrants at $3.00 per share, a 65% premium to the October 9 close, for a maximum aggregate price of about $201 million. The offer was expected to begin on or about October 15 and run for 10 business days, conditioned on at least 50% of each class being validly tendered and on SOL remaining above $100 during the offer period. The company also announced that the board had unanimously rejected Forward’s latest proposal of 0.306 shares per SkyAI share, saying it undervalued the company.⁠[21][21][21][2][2][21]

The offer would be funded with cash on hand and proceeds from selling SOL from the treasury. The company disclosed that it had recently sold about 1 million SOL, roughly half its holdings, and might continue selling depending on market conditions; an 8-K filed on October 13 said it then held about 600,000 SOL and had about 80% of the cash needed for the offer. As of October 14, 2026, the offer had not formally commenced.⁠[21][21][21][2][2]

On October 14, 2026, Bastion Trading issued a statement expressing serious concerns about the planned offer. It argued that the company had disposed of about 70% of its SOL treasury in less than a month without timely and full disclosure, questioned the legitimacy of an incumbent board that had received large withhold votes at the annual meeting leading such a transaction, and demanded disclosure of the dates, quantities, prices and approval process for each SOL disposal and an independent review, a board refreshed with shareholder-identified independent directors, and an offer price raised to at least $3.50 per share. Bastion Trading said it did not intend to participate in the offer unless its concerns were satisfactorily addressed.⁠[22][22][22][22][22][22][22]

SkyAI: Official website: https://www.skyai.co/ (opens in a new window).⁠[23][24]

X: Public account: https://x.com/skyaico (opens in a new window)⁠[23]