CZ and YZi Labs seek to restructure the management of BNB vault company CEA Industries.

According to Mars Finance, as reported by Decrypt, Binance co-founder CZ(CZ) and his investment firm YZi Labs have filed a consent form with the SEC seeking significant reforms to the board and management of publicly traded BNB vault company CEA Industries (BNC). The statement calls on BNC shareholders to support four proposals, including expanding the board size, electing directors nominated by YZi Labs, and repealing articles of incorporation that have not taken effect since July. YZi Labs holds approximately 2.1 million shares of BNC (about 5% of outstanding shares, worth approximately $14 million) and participated in the company's $500 million PIPE funding round this summer. In the filing, YZi Labs accuses CEA CEO David Namdar and director Hans Thomas of actively raising funds for other digital asset vault companies during their tenure at BNC, arguing that management should be directly responsible for the company's poor performance. BNC's stock price has plummeted 92% from its high of $82.88 after the announcement of the vault plan in July to $6.47.