CZ's YZi Labs is set to take over the stalled board of directors of BNB's treasury.
YZi Labs, founded by Binance founder Changpeng Zhao, has initiated action to nominate its own candidates to the board of a BNB acquisition company — a company previously funded by YZi Labs. YZi Labs stated the reason as the current situation of "shareholder value impairment" in the company.
In a regulatory filing submitted on Monday, YZi Labs expressed the desire to revoke all amendments to the company's articles of association made since July, expand the board size of CEA company (Note: The "BNB buying company" mentioned in the original text specifically corresponds to this entity, here "CEA" should be the abbreviation of that company), and nominate "qualified candidates from our side to serve as directors."
YZi Labs declared to shareholders that these measures are "necessary to address the ongoing issue of shareholder value erosion in BNC company (Note: Based on context, this should be the abbreviation for the aforementioned BNB acquisition company) and to ensure the company's operations align with the best interests of all shareholders."
If shareholders holding the majority of the outstanding shares agree to the above proposal, then YZi Labs, previously publicly stated to be the family office of Changpeng Zhao, will effectively control this world's largest publicly listed BNB (BNB token) asset company.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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