Yzi Labs Investment Partner Accuses CEA Industries: Maliciously Delaying Shareholders' Meeting, Already Endangering Listing Status

Odaily News Yzi Labs investment partner Alex Odagiu recently sent a letter to the board of directors of CEA Industries, accusing them of being extremely reckless in postponing the Annual General Meeting (AGM), which could lead to the company facing the risk of delisting from Nasdaq. The letter points out that it has been over 400 days since the last shareholders' meeting (December 17, 2024). The board attempted to exploit a loophole in the rules by changing the fiscal year-end to April 30 through an "accounting maneuver," trying to extend the interval between meetings to 16 months.

Alex Odagiu stated that the board's action was to avoid voting and that last December, they used the excuse of a "skiing vacation" to conceal their actions of hindering shareholder democracy by passing a "poison pill" plan and amending the bylaws. The letter emphasizes that although the board attempted to comply technically, its malicious manipulation could trigger Nasdaq's discretionary authority to delist. Yzi Labs demands that the board immediately announce the date for the 2025 Annual General Meeting and cease damaging the company's listing status to retain their positions.