CEA Industries (Nasdaq: BNC) announced that it has entered into a cooperation agreement with its largest shareholder, YZi Labs, ending disputes over the governance of the BNB (BNB) treasury company.
Under the agreement, CEA has appointed Head of YZi Labs Ella Zhang, YZi Labs Investment Partner Alex Odagiu, and Bloq Co-founder Matthew Roszak as directors of its board. The three joined the firm's existing board members.
Odagiu will also serve as interim president of the company, as it searches for a new CEO through a dedicated committee. David Namdar, who announced his departure in March, will remain CEO during the transition period, the release said.
The agreement also marked the termination of YZi Labs' proxy contest over the company. YZi has agreed to terminate its consent solicitation and withdraw related books and records demands and record date requests, according to the release.
Governance dispute
