AUSTIN, Texas–(BUSINESS WIRE)–Ionic Digital Inc. (“Ionic” or the “Company”) today issued the following statement in response to the Delaware Court of Chancery’s (the “Court”) post-trial decision in Vejseli et al. v. Ionic Digital Inc. et al., concerning the Company’s 2025 annual meeting of stockholders (the “Annual Meeting”).
The Company was a defendant in litigation commenced by the plaintiff stockholders (the “Plaintiff Stockholders”) where the Court decided, pending entry of a final order, that:
The Plaintiffs’ director nomination was invalid, and the Plaintiffs did not comply with the Company’s Advance Notice Bylaws; and
The board of directors should consist of six directors, rather than the current five directors.
The Court previously held that Plaintiffs and Olshan Frome Wolosky LLP are not adequate class representatives and the lawsuit is not appropriate as a certified class action because “[t]here is a meaningful risk that
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