YZi Labs is challenging CEA Industries’ newly adopted poison pill and bylaw changes, accusing the board of entrenchment and misrepresenting its commitment to a BNB treasury.
Changpeng “CZ” Zhao-backed YZi Labs has escalated its campaign against CEA Industries over a newly adopted poison pill (a defensive tactic a company’s board uses to make a hostile takeover extremely difficult or expensive), and bylaw amendments that it claims are “stockholder-unfriendly” and intended to entrench the current board.
The investment firm, backed by Binance founder CZ, outlined its objections in a Jan. 5 filing with the United States Securities and Exchange Commission (SEC) and in a parallel public statement on Jan. 7 on X.
YZi said it is reviewing CEA’s adoption of a stockholder rights plan and bylaw changes that affect shareholders’ ability to act by written consent.
