CZ-Backed YZi Labs Launches Hostile Takeover of CEA Industries After 90% Stock Collapse
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YZi Labs, backed by Binance's CZ, filed to replace CEA Industries' board after BNC stock plummeted 90%, despite holding $428 million in BNB tokens. The move aims to align stock performance with crypto assets following the significant decoupling from BNB.
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- YZi Labs (Binance-backed) filed to oust the board of CEA Industries (BNC) after the stock decoupled from BNB.
- BNC stock crashed 90% despite holding $428 million in BNB tokens, creating a massive discount to NAV.
- YZi Labs seeks full board control to align the equity’s performance with its underlying crypto assets.
YZi Labs, the investment vehicle backed by Binance founder Changpeng Zhao (CZ), initiated a hostile proxy battle against CEA Industries (NASDAQ: BNC) Monday. The firm filed a Schedule 14A with the SEC, seeking to replace the board of directors after the company’s stock lost 90% of its value, effectively decoupling from the crypto asset it was designed to track.
Related: Nasdaq Firm Swaps Its ‘VAPE’ Ticker for ‘BNC’ in a $500M BNB Treasury Rebrand
YZi Labs Eyes Control for BNB DAT CEA Industries
CEA Industries, which rebranded from a vape …
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