Binance founder Zhao Changpeng's YZi Labs has initiated an action to fill the board of the BNB purchasing company it helps fund with its own nominees, arguing that shareholder value has been "damaged."

In regulatory filings on Monday, YZi Labs stated that it wishes to cancel all charter amendments made by the company since July, expand the size of the CEA board, and "elect our highly qualified nominees as directors."

YZi informed shareholders that these measures are "necessary to address the ongoing destruction of BNC shareholder value and to ensure the company operates in a manner that aligns with your best interests."

If a majority of the circulating shareholders agree, YZi—an entity that previously marketed itself as Zhao Changpeng's family office—would essentially take control of the world's largest publicly traded BNB treasury company.

BNB is closely related to Zhao Changpeng and Binance, with reports indicating that Binance holds the majority of the token's supply.

The stock price of CEA Industries (BNC) has fallen about 89% since peaking at $57.59 on July 28, the same day that the Canadian e-cigarette company's stock surged 550% due to its plans to become the largest BNB treasury company.

At the close on Monday, the stock price was $6.47, down more than 10% for the day. The stock has fallen over 20% year-to-date, trading below its price before transitioning to cryptocurrency.

YZi helped fund CEA's $500 million public company private investment (PIPE) deal completed in August, which CEA claimed was to help "establish the world's largest publicly listed BNB Chain digital asset treasury strategy."

CEA's cryptocurrency transformation saw David Namdar, CEO of investment firm 10X Capital, take on the role of CEO, with several 10X Capital executives joining the CEA board.

However, in its latest filings, YZi claimed that CEA's management has been slow to provide investor updates and has "made little media or marketing effort" to promote the company.

YZi also accused Namdar of a "lack of dedication and loyalty" to CEA, claiming he promoted other cryptocurrency treasury companies and suggested that the new board "should explore selecting a new CEO."

CEA Industries did not immediately respond to requests for comment.

BNB is a token deeply tied to Binance, offering discounts to BNB holders on its platform, and is currently trading at a three-month low of $829.

Since reaching an all-time high of $1,367 in mid-October, it has fallen nearly 40%, but has declined in tandem with the broader cryptocurrency market due to wider macroeconomic concerns.

Despite the recent drop, BNB is still up 17.8% year-to-date, with slight declines in trading over the past 24 hours.

CEA Industries reported holding 515,054 BNB, with an average purchase cost of $851.29, giving it a mNAV (the ratio of company value to the value of its cryptocurrency holdings) of 0.79 times.

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Original article: “CZ's YZi Labs Seeks to Take Over CEA Industries Board”

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