YZi Labs confronts Nasdaq-listed company BNC: After a $500 million financing, its performance is disappointing, directly proposing to the SEC to expand the board.

[Chain News] YZi Labs recently made a big move - as a major shareholder of CEA Industries Inc. (NASDAQ: BNC), they directly submitted a preliminary consent statement to the SEC. The purpose is clear: they want to expand the size of BNC's board of directors by soliciting written consent from shareholders to add more director seats.

In short, YZi Labs is very dissatisfied with BNC's current performance. Although the value of the BNB assets primarily held by the company has increased significantly, the company's actual operations have deviated greatly from the investment logic that was touted after the completion of the $500 million PIPE financing this summer. YZi Labs attributes this to three issues: poor strategic execution, inadequate communication with investors, and ineffective board oversight.

What’s even more frustrating is that BNC always drags its feet on submitting key SEC documents, and the management of digital assets and net asset value (NAV) are also not updated for investors on time. At this point, investors are completely in the dark about what this company wants to do, how information is conveyed, and what the strategic direction is. With this move, YZi Labs is clearly planning to forcefully intervene and restructure the company’s governance.