YZi Labs requests CEA Industries to respond to the "operational vacuum" issue and terminate the 10X asset management agreement

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ChainCatcher reports that according to GlobeNewswire, YZi Labs issued a statement indicating that, based on a lawsuit filed by investor Abraham Gomez against NASDAQ-listed company CEA Industries and its director Hans Thomas, the company is almost in a “operational vacuum” with no CFO, COO, operations or marketing team, lacking a fund management system, and not even having a registered domain or a functioning website.

YZi Labs pointed out that this situation highlights a failure of the CEA Industries board of directors to oversee the company. Additionally, while signing a 20-year asset management agreement with 10X Capital Asset Management to manage large funds, the company did not establish basic corporate governance and operational infrastructure. Therefore, they called for the board to publicly respond to the allegations, establish an independent committee to investigate Hans Thomas, and terminate the agreement with 10X Capital Asset Management.

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