CEA Industries Settles Proxy Fight With Largest Shareholder YZi Labs, Adds Ella Zhang to Board

The Block reported that CEA Industries (Nasdaq: BNC) has entered into a cooperation agreement with its largest shareholder YZi Labs, ending a months-long governance dispute over the BNB treasury company. Under the settlement, CEA appointed YZi Labs Head Ella Zhang, YZi Labs Investment Partner Alex Odagiu, and Bloq Co-founder Matthew Roszak to its board of directors. Odagiu will also serve as interim president while a dedicated committee conducts a search for a new CEO; David Namdar, who announced his departure in March, will remain CEO during the transition. 
The agreement terminates YZi Labs' proxy contest, with the shareholder withdrawing its consent solicitation and related books-and-records demands. The dispute began in November 2025 when YZi launched a bid for board control, alleging CEA had underperformed since closing a $500 million private placement. YZi had also publicly questioned CEA's relationship with 10X Capital, which manages CEA's digital asset treasury under a long-term agreement — a partnership CEA moved to void through a lawsuit filed last month seeking to recoup all fees paid to 10X. CEA's earlier adoption of a shareholder rights plan, or poison pill, had further inflamed tensions.