CZ’s YZi Labs moves to take over board of flatlining BNB treasury
YZi Labs, backed by Binance founder CZ, is seeking to replace the board of CEA Industries due to declining shareholder value.Summary
Changpeng Zhao’s YZi Labs has initiated a bid to take control of the board of CEA Industries (BNC), a company it helped finance to become a major public BNB treasury. YZi Labs cited the "continued destruction of stockholder value" as the reason for its move, which involves canceling recent bylaw changes and electing its own nominees. CEA Industries' shares have plummeted nearly 89% from their peak after pivoting to crypto, trading significantly below the price when the pivot was announced. YZi claims CEA's management, including CEO David Namdar, has been slow in providing updates and has shown a "lack of devotion and loyalty," suggesting the new board should seek a new CEO. CEA Industries holds over 515,000 BNB purchased at an average cost of $851.29.
(Source：Cointelegraph)