YZi Labs seeks to expand the board of directors of BNB treasury company CEA Industries to improve strategy execution and oversight.

YZi Labs, a major shareholder of CEA Industries Inc. (NASDAQ: $BNC), has filed a preliminary consent statement with the U.S. Securities and Exchange Commission (SEC) seeking written shareholder consent to expand the company's board of directors and add new board seats.

YZi Labs stated that despite a significant increase in the value of $BNC's main asset under management, $BNB, the company's performance since the completion of its $500 million PIPE financing deal this summer has fallen far short of the expected results from that investment rationale. YZi Labs believes that $BNC's poor performance is a direct result of poor strategy execution, insufficient investor communication, and a lack of effective oversight.

YZi Labs also expressed concern about delays in key SEC filings, failure to promptly update investors on digital asset fund management and net asset value (NAV), and continued investor confusion regarding the company's identity, communication, and strategy.

[PANews]