CZ’s YZi Labs moves to take over board of flatlining BNB treasury
YZi Labs has asked CEA Industries shareholders to support its move to shake up the BNB treasury company’s board and install its pick of directors.
Binance founder Changpeng Zhao’s YZi Labs has launched a bid to stack the board of a BNB buying company it helped to bankroll with its own nominees, citing “destruction” of stockholder value.
In a regulatory filing on Monday, YZi Labs said it wants to cancel all of the company’s bylaw changes since July, expand the size of CEA’s board and elect “our highly-qualified nominees as directors.”
YZi told shareholders that the measures “are necessary to address the continued destruction of stockholder value at BNC and to ensure that the Company is being run in a manner consistent with your best interest.”
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