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YZi Labs Issues Statement on CEA Industries Investor Lawsuit
Deep Tide TechFlow News, March 11, According to GlobeNewswire, YZi Labs issued a statement regarding the new investor lawsuit against CEA Industries (Nasdaq: BNC) and Director Hans Thomas. The lawsuit alleges that the company is in a “operational vacuum”—lacking a CFO, COO, operational team, investor relations department, fund management system, and even unable to access its official website.
YZi Labs believes that the company’s board of directors signed a 20-year asset management agreement (AMA) with 10X Capital but failed to maintain basic company operations, effectively diluting shareholder interests. YZi Labs has made three requests: 1) publicly respond to the company’s current operational status; 2) establish an independent special committee to investigate Hans Thomas; 3) immediately terminate the AMA agreement with 10X.