YZi Labs submitted a preliminary consent statement to the SEC to expand the board of directors of CEA Industries and elect additional directors

According to official news, YZi Labs Management Ltd. stated that, as a significant shareholder of CEA Industries Inc. (NASDAQ: BNC), it has submitted a preliminary consent statement to the U.S. Securities and Exchange Commission (SEC), seeking shareholders' written consent to expand the size of the company's board of directors to add experienced and highly qualified directors.

YZi Labs mentioned that its investment in BNC is based on the company's solid fundamentals, an attractive digital asset treasury strategy centered around BNB, and its potential to become a defining digital asset treasury (DAT) company. However, YZi Labs believes that since completing a $500 million PIPE financing this summer, despite the significant appreciation of the company's main treasury asset BNB, BNC's performance has deviated from the results that this investment logic should have brought.

"We believe that BNC's poor performance is a direct result of weak strategic execution, insufficient investor communication, and a lack of effective oversight," said Ella Zhang, head of YZi Labs. "We are seeking to expand the board of directors and add experienced and capable directors, as we believe they can provide stronger oversight, address issues such as the company's poor stock performance and operational gaps, and help unlock the value that rightfully belongs to shareholders. We look forward to introducing our nominated director candidates as soon as possible."