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YZi Labs Accuses BNC Board of Betraying Shareholders, Hindering Reform, and Falling into Strategic Drift
BlockBeats News, January 5th, according to official sources, YZi Labs announced on social media:
YZi Labs Management Ltd. is currently reviewing recent actions taken by BNC (CEA Industries) against YZi's shareholder group and initiating a proxy solicitation process. These actions, which harm shareholder interests, include the implementation of a "poison pill plan" and amendments to the articles of incorporation aimed at impeding and delaying shareholders from exercising rights through written consent. YZi believes that the practical effect of these actions is to impose unnecessary restrictions and procedural burdens beyond what Nevada law requires.
The company's Board of Directors (the "Board") has taken these steps apparently to entrench itself—even after YZi warned that further infringement of shareholder rights would provoke strong shareholder discontent. YZi had reminded the Board that its failure to properly fulfill its fiduciary duties could result in potential legal risks. Nevertheless, the Board chose to restrict shareholder rights rather than admit fault, indicating their awareness of the lack of shareholder support. Many other shareholders have confirmed to us that they share the same concerns and astonishment as YZi about BNC's unwise strategic shift and abandonment of the BNB ecosystem.
Furthermore, YZi refutes the company's alleged "never having considered adopting alternative tokens for the company's digital asset reserve strategy or initiating a competitive digital asset reserve business." This denial contradicts BNC CEO David Namdar's explicit statement at an industry conference in November 2025 that BNC had considered shifting to other cryptocurrencies such as Solana. Considering Mr. Namdar and Board member Hans Thomas' active promotion and fundraising for other digital asset reserve projects during their tenure at BNC, YZi believes shareholders have reason to be concerned about a betrayal of their interests.
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