Skychain Technologies Inc. Announces Court-Ordered Board Reconstitution
Rhea-AI Summary
Skychain Technologies (OTC: SKTCF) announced a court-ordered board reconstitution effective January 15, 2026.
The Supreme Court of British Columbia found the November 7, 2024 annual meeting oppressive and ordered removal of all former directors and appointment of a seven-member board: John Lee, John Yang, Lei Zhang, Qi Zhang, Zongzhe Ma, Yifan Jia and Yuanzheng Dong.
The court directed preservation of company records and cooperation with the new board; proposed CEO/CFO/Corporate Secretary appointments are subject to regulatory approvals and will be announced when effective.
Positive
- Court-ordered governance change effective January 15, 2026
- Seven new directors appointed to restore oversight
- Preservation order for documents and company records
Negative
- All former directors removed, indicating governance disruption
- Key management appointments remain conditional on approvals
- Transition risk for operations and regulatory compliance
Vancouver, British Columbia--(Newsfile Corp. - February 17, 2026) - Skychain Technologies Inc. (TSXV: SCT.H) (the "Company" or "Skychain") announces that the Supreme Court of British Columbia has issued an order dated January 15, 2026 (the "Order") arising from a shareholder petition relating to the Company's annual general meeting held on November 7, 2024.
The Court declared that the conduct and outcome of the November 7, 2024 annual general meeting was oppressive and/or unfairly prejudicial to 1154557 B.C. Limited as a result of the chair's decision to invalidate all 'Yellow Proxies' signed by registered shareholders in support of the dissident proxy circular issued by 1154557 B.C. Limited on October 10, 2024.
Following the Court's reasons for judgment released on October 3, 2025, and pursuant to the Order dated January 15, 2026, the number of directors of Skychain has been fixed at seven (7).
Pursuant to the Order, all former directors of the Company were removed and replaced effective January 15, 2026.
The Court has appointed the following individuals as the new directors of the Company, effective January 15, 2026.
- John Lee
- John Yang
- Lei Zhang
- Qi Zhang
- Zongzhe (West) Ma
- Yifan Jia
- Yuanzheng Dong
Governance and oversight of Skychain now rest with the newly appointed board of directors in accordance with the Order.
The Court further ordered that Skychain preserve all documents, records, passwords, and property of the Company and its related entities, and that the Company cooperate fully with the newly appointed directors to give effect to the Order.
The newly appointed board expects to consider the appointment of John Lee as Chief Executive Officer, Yifan Jia as Chief Financial Officer, and John Yang as Corporate Secretary. Any such appointments will be subject to applicable corporate and regulatory approvals, and the Company will issue a further update once any appointments become effective.
The Company is taking steps to implement the Court's directions and to ensure an orderly transition of governance. Further updates will be provided as appropriate and in accordance with applicable securities laws and TSX Venture Exchange policies.
About Skychain Technologies Inc.
Skychain Technologies Inc. is a public company listed on the TSX Venture Exchange NEX Board under the symbol SCT.H.
For further information, please contact:
John Lee
info@skychaintechnologiesinc.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284261