Figure Markets and Ionic Digital Shareholder Launch Investigation into Board Misconduct
Key Investigation into Board Misconduct
Figure Markets today announced that, together with Veton Vejseli, a shareholder of Ionic Digital, it has requested access to certain company records under Section 220 of the Delaware General Corporation Law. This request seeks information to investigate potential misconduct by the Board of Directors and assess their performance of fiduciary duties.
Reason for Investigation
Figure Markets and Mr. Vejseli believe access to these records (the Books and Records) is crucial for protecting shareholder interests.
Concerns Raised
- Agreements with Hut 8 Corp., a competitor with influence over the board.
- Excessive board compensation packages.
- Restrictions on trading Ionic stock.
- Delays in registering the company’s Class A Common Stock.
Evidence of Board Misconduct
Based on interactions with the Board, public filings, and other information, Figure Markets and Mr. Vejseli assert that the Board may have prioritized its own interests over those of shareholders. Key concerns include:
- Rejection of Figure Markets’ proposals during Celsius bankruptcy proceedings.
- Approval of questionable deals with Hut 8 that bypass shareholder oversight.
- Self-appointment of key decision-makers in the Chapter 11 process.
- Unreasonable delays in listing and registering Ionic’s stock.
Conclusion of the Investigation
Figure Markets and Mr. Vejseli are committed to pushing for changes in governance and strategy at Ionic, aiming to salvage value for shareholders. Access to the Books and Records is a critical step in restoring shareholder democracy at Ionic.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.