Overview
- YZi Labs filed a preliminary Schedule 14A with the SEC seeking to expand CEA/BNB Network’s board, repeal post-July bylaw changes, and elect its own nominees via a white consent card.
- The firm disclosed ownership of about 2.1 million BNC shares, roughly 5% of the company, while the consent drive requires backing from a majority of all outstanding shares to take effect.
- BNC shares recently traded around $6.35–$6.47 after an 89–92% slide from July highs, leaving the stock below its reported net asset value of $8.09 per share.
- The company reports holding 515,054 BNB purchased at an average cost of $851.29, currently valued near $412 million at recent prices cited in coverage.
- YZi alleges slow disclosures, weak investor outreach, and conflicts tied to CEO David Namdar and 10X Capital, while nominee names in the filing are redacted and the company has not commented in the reports.