Binance founder’s YZi Labs seeks to take control of BNB buying company CEA Industries, citing stockholder value destruction. YZi wants to appoint its own board members to address the decline in stock value. Majority shareholder approval is needed for the takeover. CEA shares have plummeted since YZi’s involvement.

CEA Industries shares have dropped 89% since July peak, trading at $6.47 on Monday. YZi Labs’ board coup announcement caused another 10% drop. YZi helped fund CEA’s $500 million PIPE deal, leading to a crypto pivot. YZi criticizes CEA’s lack of updates and marketing efforts.

BNB token, closely linked to Binance, is trading at a three-month low of $829. It has fallen 40% from its all-time high of $1,367 in October. Despite recent losses, BNB is up 17.8% this year. CEA holds 515,054 BNB at an average cost of $851.29, with an mNAV ratio of 0.79x.

YZi Labs accuses CEA’s management of slow updates and lack of marketing. YZi suggests looking for a new CEO and expanding the board. CEA Industries did not respond to requests for comments. BNB continues to outperform CEA despite recent price declines.

Read more at CoinTelegraph: YZi Labs Launches Bid to Takeover CEA Industries