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YZi Labs has submitted a draft registration statement to the U.S. SEC, intending to expand the CEA Industries board and elect new directors.
BlockBeats News, November 28th, according to official sources, YZi Labs Management Ltd. stated that as a significant shareholder of CEA Industries Inc. (Nasdaq: BNC), it has submitted a preliminary consent statement to the U.S. Securities and Exchange Commission (SEC) seeking shareholder approval to expand the company's board of directors in writing to supplement the board with experienced and highly qualified directors.
YZi Labs stated that its investment in BNC was based on the company's strong fundamentals, a highly attractive BNB-centric digital asset treasury strategy, and the potential to become a leading Digital Asset Treasury (DAT) company. However, YZi Labs believes that since completing a $500 million PIPE financing this summer, although the company's primary treasury asset BNB has significantly appreciated, BNC's performance has deviated from the results that should have been brought by this investment logic.
"We believe that BNC's underperformance is a direct result of weak strategic execution, insufficient investor communication, and a lack of effective governance," said YZi Labs' spokesperson Ella Zhang. "We are seeking to expand the board and supplement it with experienced and highly capable directors, whom we believe can provide stronger oversight, address issues such as poor stock performance and operational gaps, and help unlock the value that should rightfully belong to shareholders. We look forward to introducing our nominated director candidates soon."
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