Odaily Planet Daily News: Alex Odagiu, investment partner of Yzi Labs, recently sent a letter to the board of CEA Industries, accusing it of acting recklessly by delaying the annual general meeting (AGM), which could expose the company to the risk of delisting from Nasdaq. The letter noted that more than 400 days have passed since the last AGM, held on December 17, 2024. The board attempted to exploit a regulatory loophole by changing its fiscal year-end to April 30, thereby extending the interval between meetings to 16 months.
Alex Odagiu stated that the board’s move was intended to evade voting and, in December last year, used the excuse of a "skiing vacation" to conceal its efforts to undermine shareholder democracy through a "poison pill" plan and charter amendments. The letter emphasized that although the board attempted to comply technically, its malicious manipulation could trigger Nasdaq’s discretionary delisting authority. Yzi Labs demands that the board immediately announce the date of the 2025 annual general meeting and cease actions that jeopardize the company’s listing status in order to retain their positions.