According to DeepFlow TechFlow, on December 3, BNB treasury company CEA Industries, Inc. (NASDAQ: BNC) major shareholder YZi Labs Management Ltd. issued a formal notice and correction request to the company’s asset manager, 10X Capital Asset Management LLC, as stated in an official announcement.
YZi Labs accuses 10X Capital of mismanagement and lack of transparency, alleging a threat to violate its strategic services agreement with YZi Labs. The core dispute centers on 10X Capital threatening to abandon the BNB treasury strategy in favor of investing in other cryptocurrencies such as Solana, which contradicts the company’s previous commitment to PIPE investors to use $500 million for “establishing the company’s BNB treasury operations.”
YZi Labs is demanding that 10X Capital provide written confirmation by December 5 that it will adhere to the BNB treasury strategy and not improperly dispose of BNB assets. YZi Labs also pointed out that under 10X Capital’s management, BNC’s stock price has significantly underperformed its peers, dropping approximately 19% from pre-PIPE announcement levels and 87% from post-announcement levels.
YZi Labs has filed a preliminary consent solicitation with the U.S. Securities and Exchange Commission, seeking to expand the board of directors and appoint independent directors.
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