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YZi Labs: CEA Industries Board Adopts Poison Pill Plan to Thwart Shareholder Written Consent Rights, Calls on Board to Avoid Further Entrenchment
BlockBeats News, January 7th, YZi Labs posted on X Platform stating that as a significant shareholder of CEA Industries (BNC), YZi Labs is disappointed in the company's board of directors for the "poison pill plan" and charter amendments implemented in response to YZi Labs' solicitation of a written consent process. YZi Labs believes these actions are intended to frustrate and delay shareholders' ability to exercise rights through written consent, with the purpose of entrenching the board's position rather than protecting shareholder interests, and calls on the board to avoid further manipulative behavior.
YZi Labs noted that the BNC board has postponed the 2025 annual meeting scheduled for December 17th and urges the board to refrain from further manipulative behavior and ensure a fair director nomination and election process. In addition, YZi Labs refuted BNC's statement that alternative token strategies were never considered, stating that BNC CEO David Namdar had explicitly mentioned exploring a switch to assets like Solana during a November 2025 meeting.
YZi Labs has filed a preliminary consent statement with the SEC to expand the BNC board and elect its nominated director candidates. Individuals participating in this solicitation include YZi Labs Management, Binance founder Changpeng Zhao, Max Baucus Sieben, David James Chapman, Marie Teresa Goody Guillené, Jiajin He, Alex Odagiu, Matthew Roszak, and Ling Zhang. Currently, YZi Labs Management directly owns 2,150,481 shares of BNC common stock.
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