Dispute Intensifies: YZi Labs Responds to BNC Board Statement
Recently, YZi Labs issued a formal response to the BNC (CEA Industries) board regarding the ongoing revision of the asset management agreement with 10X Capital Asset Management LLC, firmly denying any involvement in obstructing the process.
Alex Odagiu, investment partner at YZi Labs, pointed out that the so-called 'secret side agreement' mentioned by the BNC board is entirely fabricated and constitutes a malicious smear campaign. He emphasized that YZi Labs has always supported reasonable improvements to the existing agreement, including reducing management fees, shortening the contract period, and adjusting termination clauses.
Demand for Clarity and Shareholder Transparency
YZi Labs called on the BNC board to immediately retract all false allegations and ensure that directors affiliated with 10X voluntarily recuse themselves from related discussions and decisions.
Additionally, YZi Labs urged the board to fully disclose all proposed revisions and the final agreement text to all shareholders before finalizing any changes, to ensure investor transparency and decision-making rights.
Legal Action Remains an Option
YZi Labs reiterated its right to pursue further legal action and will continue to hold the current board accountable for its disclosure responsibilities, aiming to uphold transparency and fairness in corporate governance.