According to Techub News, Alex Odagiu, an investment partner at Yzi Labs, recently wrote to the board of directors of CEA Industries, accusing the company of reckless behavior in postponing its annual general meeting (AGM), which could lead to the company facing delisting from Nasdaq. The letter points out that more than 400 days have passed since the last AGM (December 17, 2024). The board is attempting to exploit a loophole in the rules by changing the fiscal year-end date to April 30th, a move seen as an "accounting maneuver," to extend the meeting interval to 16 months.
Odagiu stated that the board's actions were an attempt to evade voting and that in December of last year, it used a "ski vacation" excuse to cover up its actions of obstructing shareholder democracy through a "poison pill" plan and amendments to the bylaws. The letter emphasized that although the board attempted to comply technically, its malicious manipulation could trigger Nasdaq's delisting discretion. Yzi Labs demanded that the board immediately announce the date of the 2025 Annual General Meeting and cease its actions that jeopardize the company's listing status in order to retain its position.
