YZi Labs said it is XEM CEA Industries' response regarding the written consent process, alleging the board used poison pills and amended the bylaws to obstruct and delay shareholder rights.
This move comes as YZi Labs claims its board is consolidating its position and has postponed its 2025 annual meeting until after December 17th, sparking controversy over the fairness of the board nomination and election process.
- YZi Labs claims CEA Industries used poison pills and amended its charter to delay shareholder rights.
- The 2025 annual meeting has been postponed until after December 17th.
- Controversy surrounds whether the CEA is considering alternative Token strategies, including Solana .
Allegations of obstructing shareholder rights and delaying the annual meeting.
YZi Labs said it is reviewing CEA Industries' actions in the consensus-building process, including poison pills and amendments to the charter, which YZi Labs believes are aimed at preventing and prolonging shareholder exercise of their rights.
According to YZi Labs, the board's actions are aimed at strengthening its internal position. The company also noted that CEA Industries has postponed its 2025 annual meeting until after the December 17th anniversary, raising concerns about delays in important governance decisions.
YZi Labs is urging the board of directors to refrain from further obstructive actions and to ensure a fair nomination and election process for the director. The request focuses on shareholder rights and transparency in the selection process.
Debate on Token strategies and the potential for conversion to assets like Solana.
YZi Labs rejects CEA Industries' claim that it has never considered an alternative Token strategy, stating that this information is inconsistent with the CEO's public statements.
YZi Labs cites CEO David Namdar's statement at an industry conference in November 2025 that the company was considering a move toward assets like Solana. YZi Labs' emphasis is that discussions about a Token/ Cryptoasset move have existed, contrary to CEA Industries' denial.
