๐จ Solana's treasury firm Solmate is facing a governance crisis: Major shareholder suing the board
โ๏ธ Accused of disclosure violations and self-dealing, shareholders demand management restructuring
June 23 news:
Reports indicate that Solmate Infrastructure, a digital asset treasury firm of Solana, is facing a shareholder lawsuit.
Major external shareholder:
๐ฆ RBCH
Has filed a lawsuit against the company's current:
๐ Executives
๐ Board members
Accusing them of:
โ Breaching fiduciary duties
โ Engaging in self-dealing
โ Damaging shareholder interests
๐ Why did the major shareholder initiate the lawsuit?
RBCH is owned by:
๐ Viktor Fischer, founder and CEO of RockawayX
Currently holding:
๐ Approximately 22.74% of Solmate
Fischer believes:
Solmate's current stock price is at a discount to net asset value:
๐ About 50%
Main reasons include:
โ ๏ธ Poor management
โ ๏ธ Conflicts of interest within the board
โ ๏ธ Corporate governance issues
๐ The controversial trades in question
The lawsuit points out:
1๏ธโฃ Dispute over strategic advisor agreement
After PIPE financing:
The board signed:
๐ A 10-year strategic advisor agreement
Involving:
๐ฅ 5 insiders
Gaining:
๐ฏ About 10.7% equity options
And:
๐ฐ An annual management fee of 0.85%
2๏ธโฃ Insiders selling shares early
The lawsuit claims:
Some insiders:
๐ต Sold shares at prices over $33
Cashing out:
About $1.6 million
Meanwhile:
PIPE investors are still in a lock-up period.
3๏ธโฃ Controversy over the low-priced issuance of new shares
On May 21:
Board members:
Ron Sade
Keren Maimon
Bought:
๐ฐ 2.3 million B-class shares at $4.97/share
Representing:
๐ About 34% of net asset value
Resulting in:
โ ๏ธ A dilution of existing shareholders' equity by approximately 20%
โ๏ธ What demands did RBCH make?
RBCH requests the court to:
โ Revoke the issuance of disputed shares
โ Recover inappropriate compensation and benefits
โ Block new shares from affecting the June 26 shareholder meeting vote
โ Replace the current board and management with independent experts
๐ Market observation:
As:
๐ฃ The Solana ecosystem develops
๐ฆ Crypto asset treasury firms emerge
Market focus has shifted from:
"What digital assets to hold"
To:
"Is corporate governance transparent?"
๐ฅ As crypto asset companies enter an institutional phase, governance structure, information disclosure, and shareholder rights protection will become the new competitive core.
โ๏ธ Accused of disclosure violations and self-dealing, shareholders demand management restructuring
June 23 news:
Reports indicate that Solmate Infrastructure, a digital asset treasury firm of Solana, is facing a shareholder lawsuit.
Major external shareholder:
๐ฆ RBCH
Has filed a lawsuit against the company's current:
๐ Executives
๐ Board members
Accusing them of:
โ Breaching fiduciary duties
โ Engaging in self-dealing
โ Damaging shareholder interests
๐ Why did the major shareholder initiate the lawsuit?
RBCH is owned by:
๐ Viktor Fischer, founder and CEO of RockawayX
Currently holding:
๐ Approximately 22.74% of Solmate
Fischer believes:
Solmate's current stock price is at a discount to net asset value:
๐ About 50%
Main reasons include:
โ ๏ธ Poor management
โ ๏ธ Conflicts of interest within the board
โ ๏ธ Corporate governance issues
๐ The controversial trades in question
The lawsuit points out:
1๏ธโฃ Dispute over strategic advisor agreement
After PIPE financing:
The board signed:
๐ A 10-year strategic advisor agreement
Involving:
๐ฅ 5 insiders
Gaining:
๐ฏ About 10.7% equity options
And:
๐ฐ An annual management fee of 0.85%
2๏ธโฃ Insiders selling shares early
The lawsuit claims:
Some insiders:
๐ต Sold shares at prices over $33
Cashing out:
About $1.6 million
Meanwhile:
PIPE investors are still in a lock-up period.
3๏ธโฃ Controversy over the low-priced issuance of new shares
On May 21:
Board members:
Ron Sade
Keren Maimon
Bought:
๐ฐ 2.3 million B-class shares at $4.97/share
Representing:
๐ About 34% of net asset value
Resulting in:
โ ๏ธ A dilution of existing shareholders' equity by approximately 20%
โ๏ธ What demands did RBCH make?
RBCH requests the court to:
โ Revoke the issuance of disputed shares
โ Recover inappropriate compensation and benefits
โ Block new shares from affecting the June 26 shareholder meeting vote
โ Replace the current board and management with independent experts
๐ Market observation:
As:
๐ฃ The Solana ecosystem develops
๐ฆ Crypto asset treasury firms emerge
Market focus has shifted from:
"What digital assets to hold"
To:
"Is corporate governance transparent?"
๐ฅ As crypto asset companies enter an institutional phase, governance structure, information disclosure, and shareholder rights protection will become the new competitive core.