CZ’s YZi Labs in Boardroom Coup Bid for World’s Largest BNB Treasury

Core Viewpoint - CEA Industries Inc. is facing a governance battle initiated by YZi Labs, which seeks to overhaul the company's board and leadership amid significant share price decline despite holding a large BNB position [1][2]. Governance and Board Changes - YZi Labs has filed a consent solicitation with the SEC to expand BNC's board, repeal recent bylaw changes, and elect new directors [3]. - The filing includes a consent card for shareholders to support or reject the proposed changes [3]. - If a majority of shares consent, YZi Labs can restructure the board without a shareholder meeting [4]. Shareholder Concerns - YZi Labs, holding approximately 5% of BNC's shares, claims the current board has failed in timely disclosures and maintaining investor communications [4]. - The firm emphasizes that shareholders deserve a well-functioning board and warns of further shareholder value destruction if no action is taken [5]. Financial Performance - BNC's share price has plummeted over 92% from a peak of more than 600% increase in July, closing around $6.47 recently [6]. - The company's net asset value is reported at $8.09 per share, resulting in a market NAV multiple of approximately 0.8× [6]. Operational Issues - YZi Labs' filing highlights operational failures, including delays in registration documents for offerings and lack of investor updates [7].