Tony Vejseli, Figure Markets, and GXD Labs Issue Statement Addressing Recent Developments Following a Meeting Held on October 28
Tony Vejseli, Figure Markets Holdings Inc., and GXD Labs, LLC (collectively referred to as the Group) have released a statement to clarify recent events after their meeting on October 28 at White & Cases Midtown Manhattan offices. During this meeting, the Group engaged with the board of directors (the Board) and management team of Ionic Digital, Inc. (the Company or Ionic). The Group expressed gratitude to White & Case for facilitating the discussion. Still, it highlighted the necessity for clarification after the Companys press release summary of the meeting, which they feel misrepresented several crucial points.
In light of Ionics declaration about its strong momentum and laser-focus on executing strategic initiatives, the Group expressed concerns regarding the Boards seeming unfamiliarity with essential operating metrics. The Board seemed caught off guard when it came to addressing its financial and operational performance. This was evident as they struggled to respond to Mr. Vejselis inquiries shared on X, raising concerns about the Companys competitive stance and overall valuation. The Group raised concerns regarding Ionics capacity to finalize its audit, which was initially slated for early 2024 but is now projected for Q1 2025, as stated by the Company. This skepticism stems from the scarcity of accessible financial data, such as the Companys EBITDA and expenses.
The Group highlighted that discussions around alternative liquidity options for shareholders took place, but they expressed concerns that the board had not thoroughly explored or assessed these avenues. The Group expressed apprehensions regarding Ionics agreement with Hut 8, highlighting that while a proposed solution was put forth, the Board and management failed to explore any alternative avenues for progress.
In a recent meeting, the Group unveiled a strategic proposal to revitalize the Board. They recommended the resignation of three sitting membersScott Duffy, Tom DiFiore, and Emmanuel Aidoowho three new independent directors would succeed, each bringing essential experience and expertise to the table. The proposal, backed by a comprehensive presentation, highlighted the necessity for strategic and seasoned leadership to align the companys actions with shareholder interests.
Shareholders are urged to examine the proposal closely and contemplate backing a special meeting to cast their votes on the board alterations.
Text source: ZyCrypto
